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IRA Distribution

American Taxpayer Relief Act 2012

On January 3, 2013, former President Barack Obama signed into law The American Taxpayer Relief Act 2012, reinstating the IRA Charitable Rollover for 2013 and retroactively for 2012. If you have reached the age of 70 ½ and have an IRA, you are allowed to make a contribution to JFGH out of your IRA with no tax consequences.  Furthermore, if you cause a distribution of up to $100,000 to be made directly to JFGH out of your IRA before February 1, 2013, it will be deemed to have been made on December 31, 2012, which means that such distribution is not taxable income in 2012 or 2013 and in turn, you do not receive a charitable contribution deduction for such amount.

Before you make your charitable gift:

  • You must be at least 70 1/2 years old on the date of transfer.
  • Maximum distribution is $100,000 per taxpayer.
  • Distributions can be made only from a traditional or Roth IRA. Other retirement plans, such as pensions, 401(k) plans and other similar plans are not eligible.
  • The distribution must come directly to JFGH from your IRA administrator.

JFGH is not a financial, legal or tax advisor.  To find out whether the IRA Charitable Rollover law can benefit you, please contact your personal tax advisor.  You can also contact our Development Team at 240.283.6000 or by email; info@jfgh.org.

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