12 Things to do in 2013-Window of Opportunity Closing!

Kentucky Baptist Foundation
Kentucky Baptist Foundation Funding the Great Commission

12 Things to do in 2013-Laurie Valentine #11 

The federal tax bill enacted near the end of 2012 extended the Charitable IRA Rollover provisions through December 31, 2013. There is a good chance this “window of charitable giving opportunity” may close and not be extended after that deadline.

The Charitable IRA Rollover provisions permit a person who is 70 ½ or older to make tax-free outright gifts in any amount up to a total of $100,000 from a traditional or Roth IRA directly to qualified charities. Your church and our KBC and SBC agencies and institutions are “qualified charities”. Private foundations and donor advised funds are not.

You are not entitled to a charitable income tax deduction for your IRA Charitable Rollover distributions. They do, however, count as required minimum distributions.

Act now to avoid missing this valuable opportunity to provide current support to charitable causes important to you.

For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.

The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.

Kentucky Baptist Foundation

Kentucky Baptist Foundation

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