Tax talk: How IRAs can do good for you and us
If you have an Individual Retirement Account (IRA) and have reached age 70.5 or better, you can still convert your IRA distributions to benefit The Salvation Army.
The American Taxpayer Relief Act of 2012 includes an amendment extending the IRA Charitable Rollover and makes it possible for eligible individuals to make gifts directly from their IRA accounts, up to $100,000, in tax-free distributions to The Salvation Army for the 2013 tax year.
People who benefit from this rollover opportunity include:
- Individuals 70.5 and older 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
Important details about these donations:
- 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 2013 tax year is December 31, 2013
For more information, please call The Salvation Army Northern Division’s Office of Planned Giving at 651-746-3504 or 1-800-456-4483.