IRA Charitable Rollover Extended
for 2013 with Retroactive Provisions for 2012
As part of the the American Taxpayer Relief Act (ATRA), the IRA Charitable Rollover has been retroactively extended to include qualified distributions that occur (or occurred) from January 1, 2012 through December 31, 2013.
The new law retroactively reinstates the Charitable IRA Rollover for 2012 and allows any otherwise eligible gifts made during January 2013 to be treated as a 2012 charitable rollover. Additionally, any portion of a distribution (mandatory or otherwise) from an IRA to a taxpayer made in December 2012 and subsequently gifted to a qualified charity by January 31, 2013 may be treated as a direct distribution to charity that qualifies as an IRA Rollover gift for 2012.
A gift made from your IRA to Bucknell University by December 31, 2013 (or by January 31, 2013, if you wish it to be treated as a 2012 distribution) can:
- be an easy and convenient way to make a gift from one of your major assets.
- be excluded from your gross income: a tax-free rollover.
- count toward your required minimum distribution.
- be made in January 2013 and be treated as if made by December 31, 2012, thus taking advantage of the tax-free rollover and satisfying the minimum distribution requirements for 2012.
For your gift to Bucknell to qualify for benefits under the extension:
- You must be 70 1/2 or older at the time of your gift.
- Your total IRA gift(s) cannot exceed $100,000 per year.
- Gifts must be made to a qualified charity, such as Bucknell.
- The transfer must go directly from your IRA to Bucknell (unless you are using any portion of an IRA distribution that was taken in December 2012).
- Gifts cannot be made to a donor advised fund, or used to fund or add to life income gifts such as charitable gift annuities or charitable trusts.
Download Distribution Instructions for Administrator (Word document) for assistance completing an IRA charitable rollover gift to Bucknell or contact us at 570.577.3776.