Time is Running Out for IRA Charitable Contribution Rollovers

SUN CITY – Jan. 16, 2013 – For individuals who feel passionate about superior West Valley health care and find themselves needing a 2012 tax break, Sun Health Foundation offers some good news. The major caveat – they need to move quickly!

Congress recently passed legislation extending the IRA Charitable contribution rollover for 2012. Individuals now have until Jan. 31, 2013 to transfer the gift of their 2012 IRA distribution directly to Sun Health Foundation without paying income taxes on that money. Each gift will help support health care and medical research right here in the West Valley.

This provision is beneficial for charitable-minded individuals wishing to make donations from their IRAs. To qualify:

• The individual must be 70½ years of age or older

• The transfers must go directly from their IRA to a qualified charity such as Sun Health Foundation

• Gifts cannot exceed $100,000 per taxpayer per year, and gifts must be outright. (Transfers to donor advised funds, supporting organizations, charitable remainder trusts and charitable gift annuities do not qualify.)

Remember – to take advantage of this opportunity for year-end giving, the transfer must be completed by January 31. Please call Bonnie Olsen, Sun Health Foundation Gift Officer, at (623) 832-5566 for further information.

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