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What the new law means
We have exciting news!
As you know, Congress just passed the President has signed the American Taxpayer Relief Act of 2012 into law. This legislation includes the previously expired IRA rollover provision, allowing you to make a charitable gift from your individual retirement account (IRA) while also enjoying a federal tax benefit. If you are at least 70.5 years old, you may make tax-free contributions of IRA proceeds to a charitable organization by donating funds from the IRA directly to a charity like the Girl Scout Council of the Nation’s Capital.
Moreover, the amounts given to the Girl Scouts of the Nation’s Capital under this provision will count in the amount that federal law requires you to withdraw every year from your IRA. In other words, money you would ordinarily be paying in taxes can now be donated tax free to charity! And your tax-free gift may be in payment of an existing pledge or a new gift.
For more information on this opportunities or other ways to include Girl Scouting in your will or estate plans, like designating life insurance to the Girl Scouts of the Nation’s Capital (tax id# 54-0732966), please call Daryl Wolke, GSCNC’s Individual Giving Officer, at 202.534.3796 or Sharon Gleason, CFRE, ACFRE, Director of Fund Development, at 202.274.3330. Thank you for helping to build girls of courage, confidence and character who make the world a better place!
Posted: Jan 7, 2013