Below is a guest opinion piece from the Community Foundation of Greater Des Moines' director of donor relations, Kaye Lozier. With the holidays right around the corner, she brings to light a potential giving option that expires at the end of 2013. Have an opinion you would like to be considered for publication in the Business Record? Send an email with your proposed topic to me email@example.com.
- Chris Conetzkey, Editor of the Business Record
Guest Opinion: By Kaye Lozier
With the holiday season upon us and 2013 nearing a close, many are exploring opportunities for year-end giving. One such opportunity, available only through December 31, 2013, is the charitable IRA rollover.
The American Taxpayer Relief Act of 2013 extended the charitable IRA rollover legislation available to certain taxpayers through Dec. 31, 2013. It allows those who are 70 ½ or older the opportunity to transfer up to $100,000 of IRA assets to public charities without triggering federal and state income taxes today or estate tax in the future. For married couples, spouses are also eligible to make a tax-free IRA transfer. Gifts can be made in any amount from as little as $1 up to $100,000 per taxpayer.
As an added benefit, charitable IRA rollover gifts can also qualify for Endow Iowa tax credits. To qualify for the tax credits, you must make a gift through a qualified community foundation, such as the Community Foundation of Greater Des Moines, to an Endow Iowa qualifying fund other than a donor advised fund. Endow Iowa tax credits allow you to receive a 25 percent Iowa tax credit in addition to normal federal charitable income tax deductions.
Time is of the essence to support your favorite charities and receive these tax benefits. The charitable IRA rollover is only available through Dec. 31, 2013. Endow Iowa tax credits are limited each year, with only $832,000 remaining in 2013. Endow Iowa tax credits are awarded on a first-come, first-served basis, so review your financial and charitable giving goals now and take advantage of these opportunities.
To learn more about how to use the charitable IRA rollover or Endow Iowa tax credits to support your favorite charities contact Kaye Lozier, director of donor relations at the Community Foundation of Greater Des Moines, at 515-883-9505 firstname.lastname@example.org