IRA Charitable Rollovers for 2012 and 2013
Legislation passed in January of 2013 once again allows IRA rollovers of up to $100,000 per taxpayer per year to charities retroactively for 2012 and for 2013. Since 2012 is over, the bill allows individuals to make charitable contributions from an IRA during January 2013 that will count as though they were made in 2012. These rollovers to charity will not be subject to federal income tax as they would have been without this law.
To take advantage of this law, you must be over age 70½ and the transfer must come directly from your IRA custodian to a qualified charity, like the SDSM&T Foundation. All you need to do to initiate your gift is to contact your IRA custodian and let them know you want to make a charitable gift from your IRA. Thank you for your support and for considering an IRA gift to us.
IRA custodians may send your gift to the SDSM&T Foundation at 306 E. Saint Joseph Street, Ste 200, Rapid City, South Dakota 57701. Our federal tax ID number is 46-6011771. If you have any questions please call our office at 605-394-2436 or 1-800-211-7591.
- Individuals must be at least 70 1/2 years old
- Income tax liability on charitable distributions of up to $100,000 per year is avoided
- Charitable distributions count toward your required minimum distribution (RMD)
- Distributions must be to a qualified public charity (SDSM&T Foundation qualifies)
- Distribution process starts with individuals contacting their IRA custodian
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