The American Taxpayer Relief Act of 2012 includes an amendment that allows eligible donors to make tax-free distributions from their Individual Retirement Accounts (IRAs). Qualifying individuals may instruct the administrators of their traditional, rollover or Roth IRAs to distribute up to $100,000 directly to the Jonsson Cancer Center Foundation or another public charity. These distributions may be deducted from income that otherwise could be subject to tax under federal law and the laws of many states.
In order to qualify as a charitable rollover, a transfer must meet the following criteria:
- The donor must be 70½ years of age or older.
- The transfer must be made from a traditional, rollover or Roth IRA.
- The transfer amount may not exceed $100,000, regardless of income.
- The IRA transfer must be made as a current gift.
- The donor must notify his or her plan administrator that the requested transfer is a “charitable IRA rollover.”
The distribution check must be made payable to the Jonsson Cancer Center Foundation and mailed directly from the plan administrator to the address below:
Jonsson Cancer Center Foundation
Factor Bldg Rm 8-950
Los Angeles, CA 90095-1780
All transactions must be complete by December 31, 2013 for the 2013 tax year.
If you have questions or require additional information, please contact Sheila Henry or Melissa Brody at (310) 206-0675.
Last updated: 4/11/2013 10:16:18 AM