Donate your IRA and receive a tax benefit
The American Taxpayer Relief Act of 2012 included an extension of the individual retirement account charitable rollover provision through Dec. 31, 2013. The IRA charitable rollover allows tax-free distributions of up to $100,000 per taxpayer, per taxable year, to an eligible charitable organization — such as the American Psychological Foundation — from a Traditional or Roth IRA held by individuals age 70 1/2 or older. Because the distribution goes directly to a qualified charity, the amount will not be counted as income and will not be subject to income tax.
How to make an IRA charitable rollover
It's easy. Notify your IRA administrator or trustee to make the contribution directly to the American Psychological Foundation or another charity.
For more information, contact Claire Meaney at (202) 336-5843.