IRA charitable contribution renewed retroactively 

January 16:  The IRS today issued a release announcing that IRA owners age 70½ years or older have until January 31, 2013, to make distributions to eligible charitable organizations and have them count for 2012.

As explained in today’s IRS release—IR-2013-6 [PDF 60 KB]—the American Taxpayer Relief Act of 2012 extends for 2012 and 2013 the provision authorizing qualified charitable distributions (QCDs) to eligible charitable organizations from an IRA owned by an individual age 70½ years or older.


Each year, the IRA owner can exclude from gross income up to $100,000 of these QCDs—whether or not the IRA owner itemizes deductions on Schedule A—although no charitable contribution deduction is allowed for the transfer.


For 2012 only, IRA owners can choose to report QCDs made in January 2013 as if they occurred in 2012.


In addition, IRA owners who received IRA distributions during December 2012 can contribute, in cash, part or all of such distributions to eligible charities during January 2013 and have them count as 2012 QCDs.



For more information, contact:


Rick Speizman, National Partner-In-Charge, KPMG’s Exempt Organizations Tax Practice (ExoTax)

+1 (202) 533-3084




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