Northern Division: Serving every county in Minnesota and North Dakota

IRA gifts may still be eligible to count toward ’12 taxes

Added on Friday, January 4, 2013

Whether you would like to donate $1,000 or $100,000, there is still a way to make a gift to The Salvation Army and have it apply to the 2012 tax year.

The American Taxpayer Relief Act of 2012 includes an amendment that makes it possible for eligible seniors to make tax-free distributions from their IRAs to charitable organizations before February 1, 2013, and have them apply for the 2012 tax year. In addition, eligible seniors can also make up to $100,000 in tax-free distributions from their IRA accounts by December 31, 2013, for the 2013 tax year.

This opportunity is for any donation, small or large, up to $100,000. People age 70½ and older can take advantage of this opportunity to give tax-free to a charity like The Salvation Army.

  • Transfers are made directly from their IRA accounts to a charitable organization like The Salvation Army
  • Traditional, rollover, and Roth IRAs can all be the source the transfers
  • The deadline for the 2012 tax year is February 1, 2013
  • The deadline for the 2013 tax year is December 31, 2013

Seniors who can benefit from this rollover opportunity include:

  • Individuals who take mandatory minimum withdrawals, but don’t need additional income
  • Taxpayers who don’t itemize their deductions
  • Itemizing taxpayers who’ve reached the charitable giving limit
  • Individuals who intend to leave a portion of their IRA to charity at death

The Salvation Army Office of Planned Giving’s IRA Rollover Fact Sheet will answer many of your other questions.

We’re here to assist you in making these types of contributions. We can also help you take advantage of charitable contribution tax credits, such as the North Dakota tax credit, when available.

We would love to talk with you about this powerful option to do the most good. For more information, please call The Salvation Army Office of Planned Giving at 651-746-3504 or 1-800-456-4483.