Charitable IRA Rollover extended for 2013
Save taxes and support Good Shepherd with gifts from your IRA.
The American Taxpayer Relief Act of 2012 signed into law on January 1, 2013 allows individuals to make tax-free distributions from their traditional IRA directly to charitable organizations. This is a great option for donors who wish to support Good Shepherd's mission and also take advantage of significant tax savings.
- You must be age 70½ or older at the time of the gift.
- The gift must be transferred directly from your traditional IRA to Good Shepherd.
- Gifts must be received by Good Shepherd before December 31, 2013 for tax year 2013.
- Gifts must be outright contributions with no goods or services, such as gala tickets, provided in exchange.
The following do not qualify:
A Qualified Charitable Distribution (QCD):
- The amount distributed to Good Shepherd is not included in your federal taxable income. You should contact your tax advisor to determine your state's tax treatment of charitable distributions.
There may be additional tax savings if you:
- Do not itemize deductions
- Pay state income tax but cannot take charitable deductions on your state return
- Are not be able to deduct all of your charitable contributions because of deduction limitations
- Are concerned that funds left in your IRA may be subject to estate tax if left to someone other than your spouse
Ask Us How
We can help you get started. Funds must be transferred directly, usually in the form of a check made payable to "Good Shepherd Rehabilitation Network" and mailed to:
Charitable IRA Rollover Processing
850 S. 5th Street
Allentown, PA 18103
Good Shepherd must receive your gift directly from your IRA plan administrator by December 31, 2013 for tax year 2013.
For more information:
See American Taxpayer Relief Act of 2012
This information was compiled by staff in Good Shepherd's Development Department and is not intended as tax, legal, financial, or other professional advice. We encourage you to consult your tax advisor prior to initiating a transfer from your Individual Retirement Account.
Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.