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JAN 31, 2013 - TheStreet

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Charitable Transfers Get Maximum Return on 'Minimum Distribution'

NEW YORK (TheStreet) -- One of the temporary benefits extended for tax year 2013 by the American Taxpayer Relief Act of 2012 was the ability for people age 70.5 and older to transfer up to $100,000 tax free directly from an IRA account to a qualifying charity. These charitable transfers can be used to satisfy the taxpayer's "required minimum distribution" for the year. Using this technique can result in substantial tax savings. Here is how it works: Dave Donor, 72, must take a fully taxable required minimum distribution of $4,263 from his IRA this year. Dave also owes $5,000 on a ... Read More

Tags: Charitable Transfers Get Maximum Return on 'Minimum Distribution',  New Jersey Latest News