Tax Free Donation from your IRA

Happy New Year! 


 



We want you to know
that there is still time
to make a 2012
tax-free charitable donation
from your IRA
if you act before
February 1, 2013.










 

 

IRA Rollover

provision for 2013




You may be able to donate to Lancaster United Methodist Church

without having to pay any income taxes on your gift.




     As you may know, on Wednesday, January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012.

     Donors age 70½ or older are once again eligible to move up to $100,000 from their IRAs directly to qualified charities without having to pay income taxes on the qualified distribution in 2013.

     In addition to the extension of the IRA Rollover provision for 2013, Congress provided two special transition rules:

1) Qualified distributions made by February 1, 2013, may be counted retroactively for the 2012 tax year.

This means that it is possible for those who act in a timely manner to make IRA Rollover gifts of up to $100,000 for 2012.

To take advantage of this opportunity, you must be age 70 1/2 or older and this transfer must come directly from your IRA custodian to a qualified charity by February 1, 2013 to count as a 2012 contribution, or at any time, but by December 31, 2013, for a 2013 contribution.

Contact your IRA custodian with a request to make a charitable gift from your IRA.


2) Another unexpected but welcome feature of the new law is the "do-over" provision.

Taxpayers who took a withdrawal from an IRA (mandatory or otherwise) during December 2012 may make a cash contribution to a qualified charity before Feb. 1, 2013 and treat the gift as if it had been a direct distribution to charity that qualified as an IRA Rollover gift for 2012.

We know that many of you were waiting as long as possible in December to take your mandatory distribution in hopes that the rollover would be re-instated before December 31.

Because of the "do-over" provision, you can still make your rollover gift to Lancaster United Methodist Church or another qualified charity.

You should always consult a tax professional if you are thinking about making a major charitable gift or a gift under this law.

IRA Custodians may send your gift to the Lancaster United Methodist Church,  918 West Ave. J, Lancaster, CA  93534

Our Federal Tax ID number is 95-1855651.

If you have any questions , please contact Al Zimmerman at: alonline@me.com

or call our office at 661-942-0419 or send an email to LUMC@lancasterUnited.org. 

Thank you for your continued support and generosity.

We know that God is doing great thing in and through our congregation!