The recently enacted American Taxpayer Relief Act of 2012 extends the popular IRA rollover into 2013, providing some of you with a window of opportunity to make a gift to the Dominican Shrine of ST. Jude Thaddeus from your Individual Retirement Accounts.
Gifts of this type, made through Jan. 31, 2013, may count toward your 2012 gifting. If you are at least 70 ½ years old, consider making all or part of your charitable gifts directly from your IRA accounts and avoid paying income taxes on that money. Gifts are limited to a maximum of $100,000 for 2012 when gifted by Jan. 31, 2013. An additional maximum of $100,000 applies to the remaining 11 months of 2013 for gifts made after January 31.
To take advantage of this, all gifts must be made directly to the Dominican Shrine of St. Jude Thaddeus and/or other qualified charitable organization. Gifts to donor advised funds and supporting organizations do not qualify.
Of course, seek qualified tax advice before making decisions of this sort.