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The IRA Charitable Rollover Provision Has Been Extended
The Emergency Economic Stabilization Act was signed into law on October 3, 2008, essentially extending the IRA Charitable Rollover tax incentive through December 31, 2009. The same demographic is eligible (those 70˝ and older) for a tax break on up to $100,000 donated or “rolled over” from an IRA or Roth IRA to a public charity.
The incentive is particularly beneficial to Americans who do not itemize when filing their taxes and would otherwise miss out on the tax benefit of their charitable contributions. It also allows the gift, which would have been considered income to the donor, to be given to the charity of choice without being taxed as income to the donor. The gift counts toward the required IRA distribution, plus it can be made now, while donors are living and can witness the benefits of their generosity.
You may contribute funds this way if:
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You are age 70½ or older |
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The gift is $100,000 or less each year |
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You make the gift on or before Dec. 31, 2009 |
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You transfer funds directly from an IRA or Rollover IRA |
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You transfer the gift outright to one or more public charities |
How to Make a Gift
Contact your IRA custodian to transfer your desired gift amount to Sigma Nu Educational Foundation, Inc.
For More Information
It is wise to consult tax professionals if you are contemplating a gift under this provision. Please contact Brad Hastings at 1-888-236-5323 or foundation@sigmanu.org with any questions. |
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