Charitable Giving in 2013 &
What You Need to Know
During the efforts in late 2012 to avoid going over the “fiscal cliff,” Congress passed the American Taxpayer Relief Act of 2012, which has three primary implications for donors and their charitable giving for 2013. For more detailed information on each, please click on the headers.
- IRA Charitable Rollover Extension
The provision now allows individuals aged 70½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) to public charities without having to count the distributions as taxable income for federal tax purposes. The IRA charitable rollover has been reinstated for all of 2013 and will now expire on December 31, 2013.
- 3% Reduction Rule
There is now a modest impact on charitable giving for high net income donors. The legislation reduces the value of itemized deductions (all itemized deductions, not just charitable) for wealthy households by 3 percent of a taxpayer’s income above a certain threshold.
- Changes in Tax Rates
Capital gains tax rates have moved from 15% to 20% for most types of appreciated assets. There is also a new 3.8% surtax imposed on certain taxpayers.
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