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| IRA CHARITABLE ROLLOVER
PROVISION UPDATE |
Welcome News!
You can still make a 2012 gift to the PCA Foundation for ultimate
distribution to your favorite Christian ministries from your traditional
or ROTH IRA. But you must act quickly.
The January 1, 2013 tax law passed by Congress,
the
American Taxpayer Relief Act of 2012 (ATRA),
extends the IRA charitable rollover for 2012 and 2013, and allows
transfers to qualify as 2012 gifts, if made prior to
February 1, 2013.
The following is applicable:
1. You must be 70 1/2 or older
2. Your gift can be up to $100,000 for 2012, and
3. You can make an additional $100,000 gift in 2013.
If you made a gift directly to charity from your IRA in 2012, the law is
retroactive to January 1, 2012, and you will not be required to report
the distribution as personal income. Also, if you received a
distribution from your IRA in December of 2012, that amount can now be
used to make a cash qualified charitable distribution for 2012 if made
prior to February 1, 2013, without reporting the IRA distribution as
income.
If you did not make a qualified charitable
distribution in 2012, you still have until January 31 of 2013 to
complete your gift.
Please call us at 800-700-3221, or email us at
pcaf@pcanet.org, if you are interested in
learning more about the IRA charitable rollover and how the PCA
Foundation can help you gift to your favorite Christian ministries from
your IRA.
Note: it is important that you call us to set up a special account before authorizing your IRA
custodian to initiate a qualified charitable distribution to the PCA
Foundation. Also, please be aware that IRA charitable rollovers
may not be transferred to a donor-advised fund.
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