It is now tax time and we are now looking at what we did last year and the effect on our taxable income. If you have been considering making a significant donation to the renewal or support of the American Legion Post Home, there is still time. You can make a contribution from your IRA, but you must do so before February 1, 2013.
The new IRA Charitable Rollover provision retroactively reinstates the Rollover for 2012 and allows any otherwise eligible gifts made after December 31, 2012 and before February 1, 2013 to be treated as a 2012 donation. Furthermore, the IRA Charitable Rollover has been reinstated for all of 2013 and will now expire at the end of this year, on December 21, 2013. This will allow you to make additional contributions during 2013.
This extension of the tax law allows individuals who have reached the age of 70 1/2 or older to make distributions from their IRA directly to qualified charities, including charitable and War Veterans charitable organizations, which includes the American Legion. These distributions are excluded from taxable income. See your financial advisor for details.
We have a 93 year heritage in Chapel Hill. Help us continue our legacy and that of those who have built our post.
Please contact our Quartermaster, Nick Ladd, for information about our federal identification number and assistance in receipt of your donation. Contact Quartermaster