Give from your IRA

You can receive a tax benefit if you make a charitable donation from your IRA in a provision included in the American Taxpayer Relief Act of 2012 which Congress approved on January 1, 2013.

You can qualify for this benefit if you have an IRA and if you are 70 1/2 or older.

For the 2013 tax year

Individuals can give up to $100,000 if the gift is made by December 31, 2013; the gift must go directly from the IRA to the charity.

A donor may give any portion of the IRA Required Minimum Distribution(RMD) to a charity, as long as it is done by December 31, 2013.

The charity will send a letter confirming the gift, and the amount is not reported as income for 2013.

For examples of how IRA distributions and charitable gifts may benefit you, visit the Crescendo website.

 

Information provided by Everence, Goshen, Ind.