We read The Columbian every day. It is interesting and informative.
We were able to take advantage of the Jan. 13 story “Deal on ‘fiscal cliff’ brings IRA benefit to elders, charities.” The story reported on the American Taxpayer Relief Act of 2012 allowing “older taxpayers to funnel up to $100,000 of traditional IRA distributions directly to qualified charities, tax-free.”
My wife turned 701/2 in 2012 and was told to hold off her traditional IRA distribution until Feb. 1 and combine it with her 2013 distribution. Thanks to the above story, she was able to have her 2012 distribution sent to a charity. She will have until the end of this year to consider contributing to charity all of her 2013 IRA distribution tax-free. This could save us a good amount of money.
Charities will greatly benefit as this story could lead to millions of dollars being distributed to charities.
We will be reading Columbian stories much more carefully now that we know how such news can enrich and magnify lives.
We pray that this is a great blessing to the people benefiting from these contributions.
Franck Geuder and Beverly Hohman