Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Monday, January 28, 2013

Review of Charitable Rollover

Gift TaxAs I have previously discussed, taxpayers that are 70 1/2-years-old or older can take a charitable rollover by transferring funds directly from the taxpayer's IRA to a qualified charity. Furthermore, it appears that there is a small twist for taxpayers who took their distribution in December of 2012. If a taxpayer took their distribution in 2012 during December, the taxpayer can still use the rollover by contributing either the full amount or a part of the distribution to a qualified charity but only during January of 2013. Charities have worked hard to revive the rollover provision. Many of them argue that its existence has increased the number of donations to charities. 

See Tom Herman, A Twist to the 'Charitable Rollover, Wall Street Journal, Jan. 27, 2013.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.


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