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IRA Charitable Rollover Extended Through 2013

Fiscal Cliff legislation included a two-year retroactive extension of the IRA Charitable Rollover provision that lapsed December 31, 2011. The legislation allows individuals age 70 ½  or older to make a direct transfer of up to $100,000 from an IRA to the Crittenton Foundation without having to recognize the transfer as taxable income.  The IRA Charitable Rollover has been reinstated for all of 2013 and will now expire at the end of this year, on December 31, 2013.

 Basic Provisions

 •You must be at least 70 ½ years of age.

•Tax benefits apply for gifts that total up to $100,000 per person per year.  If a spouse has an IRA and is 70 ½ or older, he/she can also give up to $100,000.

•You must transfer funds directly from an IRA to one or more eligible charitable organizations, like the Crittenton Foundation.

•The law appliesble only to direct gifts to charity, not for planned gifts such as charitable gift annuities or charitable remainder trusts.

How to Make Your Gift

Contact your financial advisor about whether an IRA rollover to the Crittenton Foundation meets your needs, or call Katy Olsen, Major & Planned Gifts Officer, at 248.652.5266 with any questions or view our Planned Giving website.