New Taxpayer Relief Act Creates Planning Opportunities
It's official the American Taxpayer Relief Act of 2012 has been signed into law. The new law gives taxpayers some certainty for at least another year, and in some cases, permanently. We are offering a summary of some of the key provisions that may be of special interest to you.
Below are a couple of highlights:
IRA Charitable Rollovers have been renewed through 2013.
This allows individuals aged 70½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) directly to charities such as the American Heart Association, without having to count the distributions as taxable income. Additionally, qualified distributions made by January 31, 2013, may be counted retroactively for the 2012 tax year.
Estate, gift and generation-skipping tax exemptions are retained.
The new law preserves the current $5.25 million (indexed for inflation) individual gift, estate and generation-skipping tax exemption level. If the uncertainty in estate tax laws have kept you from completing your estate plans, now is a good time to contact your advisors. The American Heart Association can be a resource to you and your advisors as you create your plans.
There are many ways to Give from the Heart . Some give their time. Others share their talents. For those that generously give of their resources, the IRA Charitable Rollover extension is one more way to support Heart now.
To learn more, request our summary, call 888.227.5242 or email
plannedgiving@heart.org. The last day to make a retroactive contribution for the 2012 tax year is Monday, January 31, 2013. Given the short window of opportunity, we encourage you to contact the American Heart Association Charitable Estate Planning representative for your area if you are interested in taking advantage of this tax incentive.
