Important Information for Taxpayer’s Age 70 1/2 and Older…

The American Taxpayer Relief Act of 2012 (ATRA), signed into law on January 2, 2013, extended the charitable IRA rollover provision, allowing taxpayers ages 70 1/2  or older to donate up to $100,000 ($200,000 per couple) of their IRA assets to a public charity for 2013.  This effectively avoids the federal tax on otherwise RMD distributions.  If certain circumstances are met, the charitable donation can be elected for the 2012 tax year, BUT one must elect to do so by January 31, 2013.  If you have questions concerning this, give our office a call at 817-545-1277.

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