On behalf of of Costello Law Group
The American Taxpayer Relief Act of 2012 extended the provision allowing qualified charitable distributions (QCDs) for 2012 and 2013. IRA owners 70 ½ or older can exclude from gross income up to $100,000 of QCDs each year.
IRA owners have until Thursday, January 31, 2013 to make tax free direct transfers to eligible charities and have them count for tax-year 2012. In addition, IRA owners who received IRA distributions in the month of December 2012 can contribute, in cash, all or part of the amounts received to an eligible charity during January 2012 and have them count as 2012 QCDs.
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