New Tax Law May Help Lambda Legal

Browse By

Blog Search

Find Your State

Know the laws in your state that protect LBGT people and people living with HIV.
January 10, 2013

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.