The American Taxpayer Relief Act of 2012, which was enacted January 2, 2013, included charitable IRA legislation that allows donors ages 70 1/2 and older to move up to $100,000 a year from an IRA directly to an eligible charity, including Ames UMC, without having to pay income taxes on the money.
You may contribute funds this way if:
- You are 70 1/2 or older;
- Your total IRA gifts do not exceed $100,000 in a tax year;
- You have the IRA custodian transfer funds directly to the charity; and
- You designate the gift outright to the qualified charity.
