November 2014 update: The IRA charitable rollover provision expired last year but could be reinstated retroactively, raising uncertainity in planning for 2014 IRA distributions. -RO
On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law. This law reinstated the IRA Charitable Rollover for a limited-time basis. The rollover is an excellent opportunity for you to support the mission of Our Lady of Providence Jr-Sr High School -and save taxes, too.
How it works:
We hope you and/or your loved ones consider an IRA Charitable Rollover to support the important work and mission of Our Lady of Providence Jr-Sr High School.
- The IRA Charitable Rollover permits donors age 70½ and older to make tax-free charitable gifts to Our Lady of Providence Jr-Sr High School directly from their IRAs. Because the rollover is tax-free, it does not also count as a tax deduction.
- The rollover may be credited toward your required minimum distribution amount.
- IRA Charitable Rollover gifts made by February 1, 2013 may be counted retroactively for the 2012 tax year.
- If you already took a distribution from your IRA in December 2012, you may make a separate contribution before February 1, 2013 and treat this contribution as an IRA Charitable Rollover gift for the 2012 tax year.
- IRA Charitable Rollover gifts made by December 31, 2013 may be counted for the 2013 tax year.
- The rollover must either be a wire transfer directly from your IRA to Our Lady of Providence Jr-Sr High School or a check made payable to Our Lady of Providence Jr-Sr High School from your IRA.
- IRA Charitable Rollover gifts cannot exceed $100,000 for a given tax year. Since IRAs are separately owned, a husband and wife can each transfer up to $100,000 per year from his/her respective IRA.
- Rollover gifts cannot be used to establish life income gifts such as charitable gift annuities or charitable remainder trusts.
Please consult with your financial or tax advisor before making your decision and to assist with reporting a rollover on your tax return. Feel free to call Tony Perito at 812-945-3350 with questions and for rollover delivery instructions.
Anthony J. Perito
Vice President of Institutional Advancement
Our Lady of Providence Jr-St High School
707 Providence Way
Clarksville, IN 47129