Optometry Cares® gifts may qualify through charitable rollover extension

February 10, 2013

As a result of the extension of the Pension Protection Act through 2011 (H.R. 8), anyone older than 70 ½ can now make an outright gift to a qualified charitable organization, such as Optometry Cares®-The AOA Foundation, by requesting a direct transfer of up to $100,000 from an individual retirement account (Traditional or Roth IRA) without paying taxes on this distribution.

Foundation donors have found these gifts can be accomplished simply and can maximize the benefits of IRA dollars that would have been taxable in the past.

H.R. 8 also includes a two-year retroactive extension of the IRA Charitable Rollover provision that lapsed on Dec. 31, 2011.

Specifically, the new law retroactively reinstates the rollover for 2012 and allows any otherwise eligible gifts made after Dec. 31, 2012, and before Feb. 1, 2013, to be treated as a 2012 donation.

The new law also specifies that any portion of a distribution from an IRA to a taxpayer made after Nov. 30, 2012, and before Jan. 1, 2013, may be treated as a qualified charitable distribution for purposes of the IRA Charitable Rollover.

Finally, the IRA Charitable Rollover has been reinstated for all of 2013 and will now expire at the end of the year on Dec. 31, 2013.

To make your gift through the IRA Charitable Rollover provision, contact your broker or accountant.

For more information, call Dennis Holter, chief advancement officer at the AOA Foundation, at 314-983-4138.

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