IRA Rollover Contributions for January 2013 are Deductible for 2012
Donors age 70 1/2 or older are once again eligible to transfer up to $100,000 from their IRA's directly to the VCSU Foundation or another qualified 501(c)(3) charitable organization without having to pay income taxes on the money. Congress recognized this with a late extension and provided two special transition rules:
(1) Qualified contributions made by February 1, 2013 may be counted in a retroactive sense for the 2012 tax year.
(2) A taxpayer who took a distribution from an IRA in December 2012 can make a contribution to a qualified charity before February 1, 2013, treating it like a direct transfer.
We encourage you to contact your accountant or tax attorney regarding this opportunity.