IRA Rollover Extended!

If you’re age 70½ or older, you may be able to take advantage of an important incentive for charitable giving.

Congress has re-authorized for 2013 the provision that allows individuals to make gifts of up to $100,000 per year from their IRA accounts to one or more charities, without first incurring income tax on the withdrawal.

This means that you can direct that amount to your nonprofit organization of choice with no federal income tax liability. The IRA Rollover may provide you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.

Now, there are some details and restrictions:

  • You must be 70½ or older when you make your gift, and the gift must be made from an IRA – no other retirement plans (such as 401k, 403b or SEP accounts) qualify.
  • Your gift must come to us outright – it cannot be used to establish a life-income arrangement or support a donor-advised fund.
  • Although the distribution will be free from income tax, it will not generate an income tax charitable deduction.
  • There are other details which we’ll be happy to guide you through.

If you would like to make an IRA rollover gift for 2013, you need only direct your IRA plan provider to make a distribution to us using a letter of instruction. You can download a sample letter of instruction here.

If you have any questions, contact Lori Matt-Murphy at: or 518/437-5090. Thank you for your consideration.

Information provided is not intended to be estate, tax or financial advice. We recommend that you seek professional counsel on such issues from your attorney, accountant, or other financial advisor.

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