The American Taxpayer Relief Act of 2012 effectively extends the charitable rollover provision for 2012 and 2013 for certain individuals.If you are 70½, or will be at the time of the gift, you are eligible to make a tax-free IRA charitable rollover gift to Kuyper College. If you make the gift prior to February 1, 2013, you may exclude the distribution from your Federal taxable income in either 2012 or 2013. Any gifts made after February 1, 2013, will only be excluded from Federal taxable income in 2013.Requirements for IRA qualified charitable distributions:
Special RequirementGiven the fact that Congress did not pass this legislation until after the end of the year, there is a provision for people who waited until December, 2012 to take their IRA Required Minimum Distribution, hoping Congress would pass the law earlier. This special provision allows you to treat that IRA withdrawal as a qualified charitable distribution if you forward the distribution to a qualified charity prior to February 1, 2013. If you took your IRA withdrawal in December 2012, and are interested in making a tax-free gift, we encourage you to speak with your tax professional or a Kuyper representative at 1-877-229-0940 or email@example.com.IRA ROLLOVER SCENARIOS 2012/2013Below you will find different scenarios of how this new law may affect different situations. Click on each one to read more.