IRA Distributions to Charity

The American Taxpayer Relief Act extends the provision that allows tax-free distributions from individual retirement accounts to charities through December 31, 2013.  To qualify the individual must be age 70 1/2 or older with a maximum tax-free distribution of $100,000.

For 2012, a special rule allows the tax-free distribution to be made before February 1, 2013 and it will be treated as if it were made on December 31, 2012.   It’s not too late to take advantage of this provision for your 2012 taxes if you act by the end of January 2013.

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