The Douglas County Community Services Foundation is raising money for the new community-senior center and has fundraising opportunities at all levels, from $10 to $100,000, $300,000, to naming the facility. We have a naming policy in place and can accommodate all requests.
Taxpayers, age 701⁄2 or older, can make tax-free distributions to a charity from an Individual Retirement Account of up to $100,000 per year. These distributions aren't subject to the charitable contribution percentage limits since they are neither included in gross income nor claimed as a deduction on the taxpayers return. Under pre-act law, these rules didn't apply to distributions made in tax years beginning after Dec. 31, 2011.
The 2012 Taxpayer Relief Act retroactively extends this provision for two years so that it's available for charitable IRA transfers made in tax years beginning before Jan. 1, 2014. The act includes two elections to deal with the retroactive reinstatement of this provision.
(1) A taxpayer may elect to have a distribution made in January of 2013 be treated as if it were made on Dec. 31, 2012.
(2) A taxpayer may elect to treat any portion of a distribution from an IRA to the taxpayer during December of 2012 as a qualified charitable distribution, provided that the portion is transferred in cash after the distribution to an eligible charitable organization before Feb. 1, and except for the fact that the distribution wasn't originally transferred directly to the organization, the distribution otherwise meets legal requirements.
As always, seek advice from your individual tax advisor before making any distributions.
We have fundraising opportunities at all levels. Thank you and please contact me if I can answer any questions.