Many of you may have wanted to use the IRA charitable rollover to make a gift to Answers in Genesis in 2012 but were unable to do so because Congress hadn’t extended the rollover. As a result, many donors took their required minimum distribution knowing that they would have to pay tax on the distribution.
Here is some good news! Under a special rule included by Congress in the recent fiscal cliff law, you can convert your taxable distribution to a charitable distribution by making a cash gift to Answers in Genesis by January 31, 2013. The IRS will treat the amount of the cash gift as if you had made a direct rollover to Answers in Genesis, and you will avoid tax on the amount of the gift.
In order to make this special IRA gift, you must be at least 70 ½ years of age, and the donation is limited to a cash gift of $100,000. You do not have to make a cash gift of your entire 2012 IRA distribution. Instead, you may make a gift of a portion of the distribution and avoid taxes on the gift amount. You only have until the end of January to take advantage of this opportunity. Contact us to learn more about how you can convert your taxable IRA distribution and potentially reduce your taxes.
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