USE YOUR IRA TO MAKE A Tax-free gift TO MALT IN 2013
If you are 70½ or older, we have good news for you. You can roll over money from your IRA to make a gift to MALT----without paying tax on the withdrawal. The American Taxpayer Relief Act of 2012 (ATRA) restored the ability of donors to make tax-free transfers of IRA distributions up to $100,000 during 2013. This giving option has been available since 2006.
Here is how the retroactive IRA charitable rollover works:
- Transfer up to $100,000 directly from your IRA to MALT without having to pay federal income tax on the IRA withdrawal.
- Make a transfer before December 31, 2013, for your 2013 donation.
- The charitable distribution counts toward minimum required distributions.
- The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax return
To take advantage of this opportunity for tax-wise giving, contact the financial institution that manages your IRA account and direct them to make a gift to Marin Agricultural Land Trust (MALT) using the tax ID number 94-2689383. Donors must take care that:
- The IRA owner is 70½ or older
- The transfer is no more than $100,000 for the year
- The transfer is made directly from the IRA custodian to MALT
- The IRA rollover to Our Organization is completed by December 31, 2013
To learn more about how to roll over your IRA, contact Kristine Ball at firstname.lastname@example.org .