Put your IRA into action: preserve the Eastern Sierra you love!
Great news! Congress has extended the IRA Charitable Rollover until the end of the year, giving you a great way to make tax-free contributions to your favorite charities, such as ESLT. This provision – a component of the American Taxpayer Relief Act of 2012 – allows individuals who are 70 ½ or older to make gifts directly from their IRA to ESLT, free of tax responsibility. However, this extension is time-sensitive: the provision has only been extended through December 31, 2013, so now is the time to act!
Your IRA charitable rollover benefits you in many ways:
- Your donation may be excluded from your gross income, helping you reduce your taxable income.
- If you must take minimum IRA distributions, but do not need the additional income, your donation can be used to satisfy your Required Minimum Distribution (RMD). All individuals who reach the age of 70 ½ have to fulfill such a RMD each year, calculated according to a federal formula.
- If your IRA is “overfunded,” your charitable gift is a tax-free way to both reduce your IRA balance as well as the amount of your yearly RMD.
- Your qualified charitable distribution can total as much as $100,000 per calendar year.
For more information about this provision, please contact Lesley Bruns, Outreach and Development Director, at 760-873-4554 or Lesley@eslt.org.