With all the talk about the fiscal cliff, we are thankful for one thing at the CAMC Foundation – The IRA Charitable Rollover provision.
The tax extenders package, which includes the IRA Rollover provision, was included in the fiscal cliff bill. The IRA Rollover provision permits individuals ages 70½ and older to give direct gifts up to $100,000 to qualified public charities, like the CAMC Foundation, from their Individual Retirement Accounts (IRAs) without tax penalty. Individuals may exclude the amount distributed directly to an eligible charity from their gross income.
The IRA Charitable Rollover has been reinstated for all of 2013. It will now expire at the end of this year, on Dec. 31, 2013.
To accomplish your charitable intent from your IRA, we encourage you to be in touch with your IRA provider to figure out the details of your IRA Charitable Rollover to the CAMC Foundation.