WDPR 88.1 FM — Voice of the Arts
Your Classical Public Radio Station in Dayton Ohio

The American Taxpayer Relief Act of 2012, Your IRA, and Classical 88.1/WDPR

On January 2nd, Congress passed a tax package that President Obama signed into law. This new tax law creates a time-sensitive window that permits IRA charitable rollover gifts for the 2012 tax year, including mandatory distributions that you received in December, 2012. In addition, Congress extended the tax law provision for IRAs through the 2013 tax year. We hope that this update on the provisions of the new law can provide an easy way for you to give to Classical 88.1/WDPR.

If you own an IRA and are over age 70½, you may transfer up to $100,000 directly from your IRA to Classical 88.1/WDPR by January 31, 2013. Individuals may then exclude that amount from their 2012 gross income.

New “special rules” apply. For your gift to count in the 2012 tax year:

• Qualified distributions postmarked by January 31, 2013 may be counted retroactively for the 2012 tax year. The transfer must come directly from your IRA custodian to WDPR.
• A taxpayer who took a distribution from an IRA in December 2012, may make a contribution to WDPR postmarked by January 31, 2013 , and treat this as a direct transfer.
For your gift to count in the 2013 tax year:
• Any qualified charitable distribution made in 2013 may be counted. Please remember that the transfer must come directly from your IRA custodian to WDPR.

An easy way to start an IRA Charitable Rollover is to send an email to your IRA custodian. This is usually a financial services company that manages your IRA. Please check their website for the correct email address. As with all gifts of this nature, you should consult with your financial/tax advisor.

Here is a helpful document from The Council on Foundations.