|
| |
News Flash - Congress Passes Charitable IRA
Rollover
On Friday, October 3, Congress enacted legislation
to address the current economic
financial situation. This legislation includes the immediate and
retroactive extension of
the popular Pension Protection Act provision which allows taxpayers over 70 1/2
to make
tax-free distributions from their traditional and Roth IRA's (Individual
Retirement Accounts)
directly to charity in 2008 and 2009. Click here to read more.
Making gifts in 2008 and 2009 from IRA funds that would be subject to tax if
withdrawn
voluntarily or under mandatory withdrawal requirements may be a wise choice
for many.
Donors may choose to make charitable distributions from their IRAs in any
amount up to
$100,000. A couple with separate IRAs could each give up to that
amount. This might be
of particular interest to those who are required to take unneeded IRA
withdrawals or those
who have experienced limitations on tax benefits in the past.
Because IRA assets are subject to income tax when withdrawn during one's
lifetime or by
survivors, this opportunity for charitable IRA rollovers may be a good
choice when deciding
how to fund charitable gifts. This legislation give those at least 70
1/2 on opportunity to make
tax-free charitable gifts.
Consider the possibilities
Contact us today for more information
toll free 800-788-3746 ext. 45 or email info@umfwv.org
|
.jpg)
