Charitable Giving through IRAs

A special opportunity to give to LC through your IRA has been extended through December 31, 2013

H.R.8, the American Taxpayer Relief Act of 2012, includes a two-year retroactive extension of the IRA Charitable Rollover provision that lapsed on December 31, 2011. Specifically, the new law:

  • Retroactively reinstates the $100,000 IRA charitable “rollover” provision for 2012 and extends the provision through 2013.
  • Contains a special provision that allows qualified charitable distributions made during the month of January 2013 to be counted retroactively for the 2012 tax year. Under this provision, eligible taxpayers who make a qualified charitable distribution during the month of January 2013 can elect to have that distribution treated as if it were made on December 31, 2012.
  • Contains a special provision that allows an eligible taxpayer who has taken an otherwise qualifying distribution from an IRA during the month of December 2012 to transfer any portion of that distribution in cash to a qualifying charitable organization in January 2013 and elect to have that distribution treated as a 2012 qualified charitable distribution.

You make take advantage of these provisions if:

  • Your age is 70 or older at the time of your gift;
  • Your total IRA gifts to all charities do not exceed $100,000; and
  • Your gift is an outright gift. Planned gifts do not qualify.

For more information, please contact your IRA administrator or Gene Frantz, Vice President for Planned Giving, at 434.544.8294 or frantz@lynchburg.edu.

The material presented on this website is not offered as legal or tax advice.