The Good News About
IRA Rollover: Continuation & Conversion
You can use your IRA to not only support the important work of The Salvation Army in 2013, but save on your taxes as well!
CONTINUATION
The new law continues the IRA rollover for 2014.
This means that if you are 70 1/2 or older, you can make gifts to charity directly from your IRA in 2014. Your gift will help you meet your annual distribution requirements and you will not have to pay federal income tax on the amount given from your IRA to charity.
If you made a gift like this you mau have already saved on taxes without even realizing it!
CONVERSION
The new law also contains special provisions that may allow you to convert a taxable distribution from your IRA to a non-taxable distribution.
How does this work? If you took a taxable distribution from your IRA in December 2013, you can avoid taxes on the distribution by making a cash gift to charity in December 2014.
Time to convert your 2013 distribution is limited- you must make a cash gift to charity in 2013 to qualify for this special tax treatment. Don't delay!
FOR MORE INFORMATION CONTACT:
Traci Brewer, Major Gift Officer Valley of the Sun
602.267.4107
Don't forget that one of the benefits of the IRA charitable rollover is that unlike most other charitable gifts, gifts from your IRA are not subject to deduction limits based on your income!
Please call Deb Oberhamer or Shannon Covey if you would like to learn more about how you can use your IRA to make a gift to charity. Certain IRA gifts may help you reduce the amount of taxes when you file your tax return in April.