New Opportunities for Charitable Giving Tax Deductions

Posted on: January 11, 2013

CAS students are eager to gain skills by participating in an internship or study abroad program and employers are placing greater priority on student intern experiences in their hiring practices as well. However, the reality is that for some students, such opportunities are “lost” due to the expenses associated with internships in a metro market like L.A. or N.Y.C., or studying abroad to gain global communication skills.

With Congress’ recent approval of the IRA Charitable Rollover Extension, CAS alumni and friends now have the opportunity to open a “door of new opportunities” for our students.

Just approved by Congress, House Resolution 8 (H.R. 8) includes a two-year retroactive extension of the IRA Charitable Rollover provision that lapsed on December 31, 2012.

Specifically, the new law does the following:

  • Retroactively reinstates the Rollover for 2012 and allows any otherwise eligible gifts made after December 31, 2012 and before February 1, 2013 to be treated as a 2012 donation
  • Specifies that any portion of a distribution from an IRA to a taxpayer made after November 30, 2012 and before January 1, 2013 may be treated as a qualified charitable distribution for purposes of the IRA Charitable Rollover.
  • Reinstates the IRA Charitable Rollover for all of 2013, extending the new expiration to the end of this year, on December 31, 2013.

Please contact your financial planner to learn more about making a charitable gift through your IRA.

Eager to help prepare a CAS student for the real world? Contact Cara Boeff at boeff@msu.edu or (517) 432-5672.

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