A gift from Congress--really!
After weeks of negotiation at the end of the year, the U.S. Congress passed the American Taxpayer Relief Act of 2012. The great news for charity and, we hope, helpful news for you, is the extension of the Charitable IRA Rollover.
What does this mean for you?
- The law extends the $100,000 IRA charitable "rollover" provision for 2013.
That means that donors age 70.5 or older can ask their IRA custodian to transfer up to $100,000 in 2013 to a qualified charity such as Wheaton. The transfer will be a totally tax-free transfer to the college. You do not have to declare the transfer as income. While there is no separate charitable deduction for the tax-free transfer, you are able to make a gift equivalent to a 100% charitable deduction.
For further information, please contact:
Director of Gift Planning