Deadline is Jan. 1 for Tax Break.
In January of 2013 Congress passed legislation extending the Charitable IRA Rollover. The legislation was entitled the American Taxpayer Relief Act of 2012. In the act Congress essentially said that anyone who is 70½ or older and has a qualified retirement plan as defined in the IRS Code may roll over to qualified charities like McDaniel College up to $100,000.00 without experiencing any negative tax consequences. Donors aren’t eligible for an income tax deduction but can avoid income taxation on their rollover assets.
If you are interested in learning more about how you can roll over assets from your qualified retirement plan to McDaniel College please contact:
Robert F. Conrad, Jr., JD
Executive Director of Major and Planned Giving
2 College Hill
Westminster, MD 21157
Phone (410) 857-2787