Reduce your 2012 taxes! Donate through the IRA Charitable Rollover by Jan. 31

Ted BazilTed BazilCongress has passed legislation to extend the IRA charitable rollover. The law also allows individuals who are 70½ to make special gifts to charity! Individuals who took a taxable distribution from their IRA in December 2012 can avoid taxes on the distribution by making a gift to charity in January 2013.

With these rules in effect, an individual can make two qualified charitable contributions up to $100,000 each in 2013—one by January 31, 2013 for the 2012 tax year and another anytime between February 1, 2013 and December 31, 2013 for the 2013 tax year. Even more, these distributions can count towards the IRA's RMD (required minimum distribution) and do not show up on the 1040 form as part of the taxpayer's gross income.

To learn more about how you can convert your taxable IRA distribution and potentially reduce your taxes contact:

Theodore C. Bazil, Senior Advisor for Advancement (CFRM), at 1.914.961.8313  x329, or ted@svots.edu