November 2014 update: The IRA charitable rollover provision expired last year but could be reinstated retroactively, raising uncertainity in planning for 2014 IRA distributions. -RO

On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law. This law reinstated the IRA Charitable Rollover for a limited-time basis. The rollover is an excellent opportunity for you to support the mission of Our Lady of Providence Jr-Sr High School -and save taxes, too.

How it works:
  • The IRA Charitable Rollover permits donors age 70½ and older to make tax-free charitable gifts to Our Lady of Providence Jr-Sr High School directly from their IRAs. Because the rollover is tax-free, it does not also count as a tax deduction.  
  • The rollover may be credited toward your required minimum distribution amount. 
  • IRA Charitable Rollover gifts made by February 1, 2013 may be counted retroactively for the 2012 tax year.
  • If you already took a distribution from your IRA in December 2012, you may make a separate contribution before February 1, 2013 and treat this contribution as an IRA Charitable Rollover gift for the 2012 tax year.
  • IRA Charitable Rollover gifts made by December 31, 2013 may be counted for the 2013 tax year.
  • The rollover must either be a wire transfer directly from your IRA to Our Lady of Providence Jr-Sr High School or a check made payable to Our Lady of Providence Jr-Sr High School from your IRA.
  • IRA Charitable Rollover gifts cannot exceed $100,000 for a given tax year. Since IRAs are separately owned, a husband and wife can each transfer up to $100,000 per year from his/her respective IRA.
  • Rollover gifts cannot be used to establish life income gifts such as charitable gift annuities or charitable remainder trusts.
We hope you and/or your loved ones consider an IRA Charitable Rollover to support the important work and mission of Our Lady of Providence Jr-Sr High School.
 
Please consult with your financial or tax advisor before making your decision and to assist with reporting a rollover on your tax return.  Feel free to call Tony Perito at 812-945-3350 with questions and for rollover delivery instructions.

Anthony J. Perito
Vice President of Institutional Advancement
Our Lady of Providence Jr-St High School
707 Providence Way
Clarksville, IN 47129
812-945-3350 (office)
812-725-3030 (cell)