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:
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 firstname.lastname@example.org) or Paul Odegaard (651.290.1129 or email@example.com) in MPR’s Planned Giving department for answers to questions, copies of the form letters, and other helpful assistance.