On January 2, 2013, Congress passed the American Taxpayer Relief Act of 2012. This means that you are still able to make a 2012 charitable donation to the Thomas More Law Center (TMLC) in two ways:
If you received an IRA distribution in December of 2012, you can make a donation from those proceeds to TMLC and that portion of your distribution will be treated as a Qualified Charitable Rollover for 2012. Simply send your donation to TMLC by January 31, 2013 with instructions that the funds were initially distributed to you in December, 2012 from your IRA account.
If a donation is sent directly from your IRA account to the Thomas More Law Center by January 31, 2013, those proceeds will be treated as a Qualified Charitable Rollover for 2012.
With regard to the year 2013, tax free charitable donations from IRA accounts will be subject to the same dollar limit ($100,000) for individuals and other restrictions that were in place before the law expired on December 31, 2011.
The American Taxpayer Relief Act of 2012, in part, reinstated the Individual Retirement Account (IRA) Qualified Charitable Rollover. This IRA provision, which expired on December 31, 2011, was reinstated to apply retroactively to 2012. It allows individuals aged 70 ½ or older to make tax free charitable donations up to $100,000 ($200,000 for married couples) from their IRA accounts. You have until January 31, 2013 to do so.
Please contact Tom Lynch, Director of Mission Advancement, at (734) 827-2001 for more information.
Note: This section provides general financial information, not specific financial advice. The material contained in this section does not create or imply an advisor-client relationship with the Thomas More Law Center or any of its attorneys. For specific questions, consult a qualified financial and/or tax advisor.