(By Terry Mitchell, CPA, Foundation Board Member) - The American Tax Relief Act approved by Congress on January, 1, 2013, provides an opportunity for certain qualified taxpayers that can still provide a charitable deduction for 2012. This opportunity is available for taxpayers who are over age 70 ½.
The special provision allows the taxpayer to take tax-free distributions from their individual retirement accounts and make charitable contributions, up to a maximum of $100,000 per year. The special retroactive rule allows the taxpayer the opportunity to make this contribution by January 31, 2013, and rollback the contribution deduction for their 2012 income taxes. Please see the excerpted explanation below and be advised to see your tax consultant or investment advisor for assistance.
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