We have another reason to celebrate the fact that our nation did not go over the fiscal cliff. The recently passed American Taxpayer Relief Act of 2012 extends the popular IRA Charitable Rollover Provision through the 2013 tax year.
This law enables donors to make charitable contributions from their individual retirement accounts (IRAs) to charity without having to count the money as taxable income.
Under the provision, if you are 70.5 years old or older, you can donate up to $100,000 to Rush University Medical Center from your IRA without incurring either income tax or early withdrawal penalties.
You have until Dec. 31, 2013, to direct a gift from your IRA to a nonprofit like Rush in order to apply this benefit to your 2013 taxes.
To take advantage of this opportunity, call your financial advisor or IRA custodian (Fidelity, Vanguard, Schwab, etc.) or contact John Lowenberg, vice president of philanthropy, at (312) 942-2275 to learn more.