For Donors Over Age 70 1/2
Congress reinstated the IRA Charitable Rollover for 2012 and 2013 as part of the American Taxpayer Relief Act (ATRA) passed on January 1, 2013. If you are age 70 ½ or older, you may make a gift of up to $100,000 per year to The Federation from your IRA without recognizing the distribution as income on your federal return. If you make a qualifying IRA Charitable Rollover in January 2013 and report it as an IRA Charitable Rollover for the 2012 tax year, you are still eligible to claim up to an additional $100,000 in IRA Charitable Rollover contributions in 2013.
We urge you to act soon to take advantage of this opportunity to make your Annual Campaign gift or to create your legacy.
Unlike a cash withdrawal from your IRA, your direct contribution will be excluded from income for federal purposes and not taxed. It will not be eligible for a charitable tax deduction, and it will not count toward the annual percentage limitation on your other deductible gifts.
Your direct contribution cannot be made to donor advised funds, supporting organizations, split-interest trusts or in exchange for gift annuities. Your qualified distribution may be includable in your income for state and local tax purposes, and an offsetting charitable deduction may not be available.
Making a Statement
We remain available to work with you and your tax advisor to make the best use of the benefits of tax planning strategies. In turn, you and your tax advisor can work with us to amplify your gift to the Jewish community.
For more information on the charitable giving strategies mentioned, and others, please contact either Jennifer Young, Director of Planned Giving at 301-230-7235 or Elizabeth Goldstein, Esq., Deputy Director of Philanthropic Giving at 301-230-7228.
The United Jewish Endowment Fund does not provide legal advice. Donors are encouraged to seek independent tax and legal counsel.