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IRA
 
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Now it's easier than ever to make the gift of a lifetime. IRAs can qualify for tax-free charitable distributions. Following several weeks of back and forth the between the Senate and the House, President Bush signed into law on October 3rd a $149.2 billion tax .extenders. package as part of the multibillion dollar financial rescue legislation, the Emergency Economic Stabilization Act of 2008 (HR 1424). The enacted extenders package includes a two-year extension of the IRA Charitable Rollover through 2009, retroactive to 12/31/07, and other charitable incentives. The IRA Charitable Rollover is a tax incentive that allows individuals aged 70 ½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) and Roth IRAs to public charities without having to count the distributions as taxable income. The law also provides mileage reimbursements for volunteers assisting Midwestern flood relief efforts and lifts limits on cash contributions to flood relief. Individuals may now contribute cash in excess of 50 percent of their adjusted gross income and corporations may exceed ten percent of their taxable income. (Source: Independent Sector Daily Policy Digest, Oct. 6, 2008) Please contact the Sangamon County Community Foundation at 217-789-4431 or info@sccf.us to learn more about the potential opportunities for donors over 70 ½ years of age. More information on tax-free gifts from your IRA:
For more giving options at SCCF using your IRA,
click here. |
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