IRA owners, age 70 ½ or older have a limited time to make tax-free transfers to eligible charities and have them count for tax year 2012. The deadline will be extended to January 31, 2013 to make a direct transfer. Alternatively, if they received IRA distributions during December 2012, they may contribute, in cash, part or all of the amounts received to an eligible charity.
Each year the IRA owner can exclude up to $100,000 from gross income of these QCDs. The QCD option is available regardless of whether an eligible IRA owner itemizes deductions on Schedule A (Form 1040). Transferred amounts are not taxable and no deduction is available for the transfer