New Tax Law May Help Lambda Legal
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Thanks to Congress' last-minute "fiscal cliff" tax law, you have special tax incentives to help Lambda Legal with a January donation from your IRA.
Did you know that if you are age 70 1/2 or older, you can still donate up to $100,000 from your Roth or traditional IRA to Lambda Legal or other 501(c)(3) non-profit organizations, without including the amount of that IRA withdrawal in your 2012 gross income? You have until January 31, 2013, to make a qualified charitable deduction and have it treated by the IRS as if you made it on December 31, 2012.
Also, if you already took a regular distribution in December 2012, you may contribute any or all that amount to Lambda Legal before January 31, 2013, and retroactively treat it as though it were a charitable distribution, so it won't count toward your 2012 gross income.
For more information on these opportunities and on other implications of the American Taxpayer Relief Act of 2012, here's a helpful overview written by Lambda Legal National Sponsor law firm Milbank, Tweed. Be sure to consult your legal and tax professionals as well.
Order a copy or download Lambda Legal's life and financial planning tool kit Take the Power here.