2 year (2012 & 2013) Extension of Tax-Free Distributions from Individual Retirement Accounts for Charitable Purposes
Taxpayers age 70 1/2 or older may make tax-free distributions to charities from their traditional individual retirement accounts (IRAs and Roth IRAs) of up to $100,000 per taxpayer, per taxable year 2012 and 2013. The Extension permits individuals to make charitable distributions throu
Phase-out of Itemized Deductions and Personal Exemptions returns to Tax Law in 2013
An amount of a taxpayer’s itemized deductions equal to 3 percent of adjusted gross income in excess of $100,000 (adjusted for inflation) will be disallowed, but not in excess of 80 percent of the taxpayer’s total itemized deductions. The disallowance rule applies to all of a taxpayer’s itemized deductions except for medical expenses, investment interest, and casualty and theft losses.
Please consult your tax advisor for more details on these and other provisions.