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At last, good financial news!
The Charitable IRA rollover is back.
The good news is that Congress has passed and the President has signed into law the extension of tax-free gifts from a traditional Individual Retirement Account (IRA) to qualified charities like Randolph-Macon College.
The IRA Charitable Rollover is Back for 2012 and 2013!
If you are age 70 ½ or older, you are once again eligible to move up to $100,000 from your IRA directly to Randolph-Macon without having to pay income taxes on the money.
You can give before February 1, 2013 and count it towards 2012 (yes, that’s for last year) and then also give again anytime in 2013 and count it towards 2013.
Please be aware that the funds must be sent directly from the custodian of your IRA to Randolph-Macon College and must not pass through your bank account, but there is one exception: if you took a distribution from your IRA in December 2012, you may make a contribution to Randolph-Macon before Feb. 1, 2013, and it will be treated as if it were a direct transfer from your IRA.
It is not known if this program will continue in 2014 so I encourage you to take advantage of the opportunity to realize a tax savings for both 2012 and 2013.
As always, it is advisable to consult with your tax advisor if you are considering making a gift from your IRA. I am also available to answer any questions you might have. I may be reached toll-free at 1-866-694-4574 or locally at 752-3039 or by email at nancydenton@rmc.edu.
Sincerely,
Nancy Denton
Director of Planned Giving