Fiscal Cliff Legislation Reinstates IRA Charitable Rollover
Fiscal cliff legislation has extended a provision that allows SUNY Oswego supporters 70 ½ and older to make charitable contributions directly from their IRA, or Individual Retirement Account.
The law expired Dec. 31, 2011, but Congress Jan. 3, 2013, reinstated it retroactively for 2012 and extended it for all of 2013 as part of legislation to avoid the “fiscal cliff” – a poorly timed combination of tax rollbacks and new taxes that threatened to cripple the economy.
Oswego supporters at least 70 ½ years old can make a charitable donation directly from your IRA to The Fund for Oswego between now and Feb. 1, 2013, and may choose to have it treated as a Qualified Charitable Rollover for 2012.
Those who received a distribution from your IRA during the month of December 2012 can donate any portion of the proceeds in cash to The Fund for Oswego and that portion of your IRA distribution will also be treated as a Qualified Charitable Rollover for 2012.
Supporters are encouraged to consult their financial advisors to see if you can take advantage of this opportunity.
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