One of the two retirement industry Easter eggs hidden in the omnibus "fiscal cliff" fix now has a bit more clarity for those clients hoping to maximize their IRA donations to charity.
As part of the American Taxpayer Relief Act of 2012, the qualified charitable distribution provisions for 2012 and 2013 have been extended to allow taxpayers to have a donation made by Feb. 1, 2013 qualify as a 2012 tax year QCD.
As the IRS explains in a new bulletin, individuals aged 70 1/2 and over can make distributions of up to $100,000 from their IRA (except for ongoing SEPs or SIMPLE IRAs), in order to satisfy any IRA required minimum distributions for the year.
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