Toll Free 800.831.3587

The Exchange

Offering the latest news and leading insight.
Charitable Contributions From Your IRA | Chad Carlson

The American Taxpayer Relief Act that was recently passed by Congress and signed by President Obama has provided some unique benefits to IRA owners 70 ½ or older.  This tax relief act extends the tax favored treatment of direct charitable contributions made from your IRA for 2012 and 2013 for people over 70½.

And there are two very timely rules you need to know about now:
(1) Qualified distributions made to a qualified charity by February 1, 2013 may be counted retroactively for 2012.
(2) An IRA owner over 70 ½ who took a distribution from his or her IRA in December 2012 may make a contribution to his or her favorite, qualified charity before February 1, 2013, and treat this distribution as a direct transfer.

Doing so may provide the IRA owner with three very important benefits:
(1) They satisfy their mandatory distribution requirement
(2) They avoid taxation of the distribution
(3) They help their favorite charity
Before taking action, it’s important to discuss this and other planning decisions with a CPA, tax advisor, or a Certified Financial Planner™ for advice and assistance.   Planned giving officers at local and national charities are excellent resources as well.

Let us know if we can help.

Chad Carlson
(501)975-4010

Meet With Us

We are ready to discuss your financial needs. Scheduling a time to meet with us is simple, just click here.

©2014 Delta Trust & Bank | Privacy & Security

This blog does not necessarily reflect the opinion of Delta Trust & Bank or any subsidiaries. They are the opinion of the author.

For bank products or bank specific posts:

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category

For any posts or products related to Delta Trust Investments, Inc., Delta Trust Insurance or the trust department:

Not Insured by FDIC or any Federal Government Agency. May Lose Value. Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate.

Any customer who should happen to be dissatisfied with the service provided by Delta Trust Investments, Inc., is invited to write to:

James Alger, President, Delta Trust Investments, Inc. | P.O. Box 17607 | Little Rock, AR 72222 | 501-907-2297 or 1-877-349-9333, or Email James Alger.

Delta Trust Investments Inc. is a member of FINRA* and SIPC*

*By clicking on 3rd party links you will be leaving the Delta Trust Investments Inc website.

Equal Housing Lender Member FDIC

You are leaving delta-trust.com.

Close

You are leaving the Delta Trust Website. Do you wish to continue?

Meet With Us

We are ready to discuss your financial needs. Fill out the form below and someone will be in touch with you.

NOTE: Please do not include sensitive information such as your social security number or account number in your message.

×

Contact Us

We are ready to discuss your financial needs. Fill out the form below and someone will be in touch with you.

NOTE: Please do not include sensitive information such as your social security number or account number in your message.

×