Charitable IRA Roll-Overs
December 5, 2008
NEWS FLASH!
IF YOU OR SOMEONE YOU KNOW ARE AT LEAST AGE 70-1/2, own an IRA, and wish to make charitable gifts:
On Oct. 3, 2008, President Bush signed into law, as part of the Emergency Economic Stabilization Act of 2008, an extension of the charitable IRA legislation. Originally enacted in the Pension Protection Act of 2006, this legislation provided people aged 70½ or older with tax incentives for charitable rollovers from their IRAs. This provision was in place during 2006 and 2007 but had expired as of Dec. 31, 2007. With the extension, however, if you are at least 70 1/2 you can continue making gifts to Peace College with rollovers from your IRA through 2009. Thanks to the reinstated legislation, you can once again fulfill your charitable plans without the income tax burden typically associated with IRA assets.
Fact Sheet on The IRA Charitable Rollover
This document was produced by the Association of Fundraising Professionals.
Questions? Contact Karen Nolan at 919-508-2042 or knolan@peace.edu.
