A Message from Our Treasurer

Passage of the American Taxpayer Relief Act included a number of provisions  relating to Individual Retirement Accounts.

Charitable IRA distributions are once again available. This provision allows taxpayers who are at least  70 ½ years old to donate money to a charity directly from their IRA account. This is known as a qualified charitable distribution. Up to $100,000 per taxpayer per year can be distributed tax free from an IRA if it is made directly from the IRA account to the Jewish Historical Society of North Jersey. These distributions will be excluded from taxable income;  therefore, individuals will not be able to additionally claim them (“double dip”) as a taxable distribution to a charity. However, if you think about it, those of you who  must take a mandatory distribution will otherwise have to pay taxes on that amount.

Anyone wishing to take advantage of this law should consult with their tax advisor before committing to the program. The Jewish Historical Society of North Jersey does not  purport to give tax advice.