Saturday, January 26, 2013

VDARE and the IRA (No, Not That IRA!)

Posted by Nicholas Stix

Peter Brimelow: A Message to VDARE.com Supporters About the IRA Charitable Rollover
As a valued financial supporter of The VDare Foundation, you may want to know that the IRA charitable rollover is back for 2012 and 2013. This provision was included in the recent "fiscal cliff" legislation known as the American Taxpayer Relief Act of 2012. It allows both traditional and Roth IRA owners, age 70 1/2 and older, to make tax-free transfers up to $100,000 directly from their IRAs to qualified charitable organizations such as TFAS.

While you would not receive an income tax deduction for this gift, the distribution would be excluded from your taxable income, creating a "wash" for tax purposes. A transfer to The VDare Foundation would also fulfill some or all of any required minimum distribution without increasing your taxable income. Qualified charitable distributions made before February 1, 2013 may be counted retroactively for the 2012 tax year.

Also, taxpayers who received a required minimum distribution in December of 2012 may contribute that amount in cash (not to exceed $100,000) before February 1, 2013 to a charity and apply that gift against the required distribution amount, thereby decreasing 2012 taxable income. So, you can make a 2012 gift to a charity like The VDare Foundation of up to $100,000 before February 1, 2013 as well as an additional $100,000 gift on or before December 31, 2013 for the 2013 tax year. Go here to donate over the Internet, for details of donating by mail, or email office@vdare.com.

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