News
IRA Rollover Provision Reinstated Through 2009
Tue Oct 7, 2008
Donors over the age of 70.5 can make a tax-free financial gift of up to $100,000 directly to a non-profit organization, such as the University Catholic Center.
There is one element of the economic bailout bill you made not have heard about! It directly benefits charitable organizations, such as the University Catholic Center. The Financial Rescue Package (H.R. 1424) includes a two-year extension of the IRA Rollover provision.
The provision will be made retroactive to Jan. 1, 2008, and will apply to gifts made from that date through Dec. 31, 2009.
The provision exempts from taxable income any funds transferred (“rolled over”) from an Individual Retirement Account (IRA) to a charitable organization. The following limitations apply:
* The donor must be age 70˝ or older.
* The cap on annual IRA rollovers is $100,000.
* The contribution must be a direct gift to a charity (no planned gifts).
If you are interested in making a gift to the University Catholic Center from your IRA, please contact your tax professional, as well as the Director of Development at the UCC, Amber Fogarty. She can be reached at 512-476-7351 x13.
- As announced by the Association of Fundraising Professionals on October 3, 2008
