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Use Your IRA to Make a Year-End Gift to KGNU
IRA charitable rollover is back for 2012 and 2013: Donors aged 70 or older are once again eligible to move up to $100,000 from their IRAs directly to qualified charities without having to pay income taxes on the money. You may make a qualified charitable distribution on or before Dec. 31, 2013, to qualify for a 2013 gift. Because this legislation was enacted in 2013, Congress provided two special transitional rules for 2012 gifts:
  • Qualified distributions made before Feb. 1, 2013, may be counted retroactively for the 2012 tax year.

  • A taxpayer who took a distribution from the IRA in December 2012 may make a contribution to a qualified charity before Feb. 1, 2013, and treat that as a direct transfer.
Itemized deductions: In 2013, the Pease limitation was revived, meaning that itemized deductions, including charitable deductions, are reduced for individuals earning $250,000 or more and for married couples earning $300,000 or more. These amounts will be indexed annually for inflation. The Pease limitation does not apply to deductions for medical expenses, investment interest, casualty and theft losses, and gambling losses.

Personal exemptions: In 2013, personal exemptions are limited for individuals making $250,000 or more and for married couples making $300,000 or more.

Charitable deduction for donating real property for conservation purposes: Taxpayers are able to take a charitable deduction for qualified conservation contributions, which are contributions of a qualified real property interest to a qualified organization exclusively for conservation purposes.

Consult Your Tax Advisor Today Because of the numerous changes to tax laws in 2013, everyone can expect to be affected. Consult your tax advisor on what the new tax laws will do to your bottom line and how to plan accordingly.


Created:12/14/09, Modified:01/21/13, expires:02/01/13, priority:3