New Rules & Deadlines on IRA Charitable Rollovers for 2012 & 2013

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Brain & Behavior Research Foundation

The Foundation has timely information that may be of interest to many of you. New rules and deadlines have been implemented for IRA Charitable Rollovers for 2012 and 2013.

As part of the American Taxpayer Relief Act of 2012, individuals age 701/2 or older can make tax-free distributions directly from Individual Retirement Accounts (IRAs) to qualified charities, such as the Brain & Behavior Research Foundation, for up to a maximum of $100,000 per year. The Act authorizes these IRA charitable rollovers for 2012 and 2013.

The Act also provides a special option to allow your IRA rollover to count for 2012, as follows:

  • If you make a direct distribution to a qualified charity, such as the Brain & Behavior Research Foundation, from your IRA in January 2013, you may elect to have the distribution treated as having been made on December 31, 2012.
  • If you received your required minimum distribution in December 2012, you may transfer the funds to a qualified charity, such as the Brain & Behavior Research Foundation, by January 31, 2013, and you may treat the distribution as a charitable distribution made on December 31, 2012.

We recommend that you discuss this special tax incentive with your income tax professional for further details. Your interest in Foundation-funded research that leads to scientific discoveries and improves the lives of those suffering from mental illness is greatly appreciated.
 

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