A Special Giving Opportunity With Your IRA

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Congress and the President last week extended an important legislative provision that renews a popular, tax-smart option for giving that last expired at the end of 2011. As part of the American Taxpayer Relief Act of 2012, donors age 70-1/2 or older once again can make qualified charitable distributions from their Individual Retirement Accounts (IRAs) directly to MPR without those distributions being counted as gross income!

The law now applies through the end of 2013. Notably, the extension is retroactive to 2012, and allows making certain gifts in January 2013 that can be treated as made in 2012.

Here are some important notes and highlights:

• The distribution must be made from a traditional or Roth IRA. Other retirement accounts, such as those under 401(k), 403(b), or 401(a) plans, are not eligible.
• You must be at least 70-1/2 years of age when the distribution is made.
• You can give up to $100,000 per year without including the distribution in your gross income. Married couples may be able to give up to $200,000. Amounts given count toward your annual required minimum distribution.
• Distributions cannot be made to private foundations or donor advised funds under this provision. Recipients must be qualified public charities like MPR.
• With one exception, the distribution must be made directly from the IRA administrator to MPR or other qualified public charity (rather than to you). The exception is that if you took a distribution from your IRA in December 2012, you can make a cash gift to MPR or other qualified public charity in January 2013 up to the amount of the original distribution and elect to have it count as a qualified charitable distribution for 2012.
• Under a second special limited-time provision, you can make a qualified charitable distribution to MPR before February 1, 2013 (i.e. , in January 2013) and elect to have it count as a qualified charitable distribution for 2012.
• Gifts under this provision must be made outright, and cannot be used for any quid pro quo benefits or to establish a charitable gift annuity or charitable remainder trust.

You may make qualified charitable distributions from your IRA throughout 2013, but we encourage you to act now to take advantage of the special opportunities that end on January 31st. Because circumstances can vary from person to person, you should discuss your plans with your own professional tax advisor.

To make the process easier and simpler, we have prepared two sample letters for use in communicating your wishes to us and to your IRA administrator. Both forms should be completed and mailed. These letters are important because they allow us to provide the proper receipt for your gift. Please click on the links below to download the sample forms:

Letter to IRA Administrator to Request Qualified Charitable Distribution from IRA to Minnesota Public Radio
Download the IRA Administrator document

Letter Notifying Minnesota Public Radio of Charitable Distribution from IRA
Download the Charitable Distribuiton from IRA document

As always, we encourage you to contact Joe Thiegs (651.290.1583 or jthiegs@mpr.org) or Paul Odegaard (651.290.1129 or podegaard@mpr.org) in MPR’s Planned Giving department for answers to questions, copies of the form letters, and other helpful assistance.