This month, President Obama signed the American Taxpayer Relief Act of 2012 (ATRA), which was passed by the House and the Senate. The bill resolved the “fiscal cliff” and includes a number of provisions that will be favorable for philanthropy and charitable giving.
One key provision includes the:
IRA Charitable Rollover — Extended for 2012-2013, IRA owners age 70½ and older are able to make a qualified charitable distribution up to $100,000 from their retirement account.
The bill extends the IRA charitable rollover through December 31, 2013. This provision permits tax-free distributions to an eligible charity from an IRA held by someone age 70½ or older of up to $100,000 per taxpayer, per taxable year. The provision includes two transition rules to allow donors to make 2012 contributions. Learn more here.
Contact Kim Shorter at the Community Foundation to learn more about how your charitable contributions can make a permanent impact in Lancaster County.Back to All News