2013 Extension for IRA Rollover

IRA

Pic courtesy of Bing.com and Boston.com

Are you 70 ½ years old or older?  Do you have an Individual Retirement Account (IRA) from which you would like to donate to a charity?  You should know about the extension the Federal Government has given on such a donation.

As a tax incentive, you can still donate up to $100,000 from your IRA to a 501(c)3 nonprofit organization.  This would not be taxable income, which is very helpful if you do not have other tax deductions.  However, the 2013 IRA Charitable Rollover is only in effect until December 31, 2013.  It will not be renewed in 2014.

Charitable donations from your IRA must go directly to the charity.  This means they must be sent from the IRA trustee/broker made payable to XYZ nonprofit.

Again, only contributions given by December 31, 2013 are eligible for this tax benefit.  For more information, you can go here on the IRS website.

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