Heidman Law Firm

Tax News Tip - Charitable Giving Through Your IRA

January 16, 2013

The American Taxpayer Relief Act of 2012 permits individuals who are over 70 ½ years old to make direct charitable gifts from an IRA of up to $100,000.00 and not have to report the IRA distributions as taxable income on their federal income tax return.  There is no charitable deduction for the IRA distribution but not paying tax on otherwise taxable income is the equivalent of a charitable deduction.  This will be allowed for all of 2013.  It is also available for direct distributions made in December of 2012 if you act quickly (before the end of January 2013).

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