IRA Rollover Extended
On Friday, October 3, 2008, President Bush signed the $700 billion economic bailout, which includes a two-year extension of the IRA rollover provision.
The following are excerpts from the bill:
“The provision will be made retroactive to January 1, 2008 and will apply to gifts made from that date through December 31, 2009.”
“The provision exempts from taxable income any funds transferred (or ‘rolled over’) from an Individual Retirement Account (IRA) to a charitable organization. The following limitations apply:
- The donor must be age 70-1/2 or older.
- The cap on annual IRA rollovers is $100,000.
- The contribution must be a direct gift to a charity (no planned gifts).”
Since the Pension Protection Act of 2006 was signed into law, many have taken advantage of this law to give substantial gifts to their favorite charities. Now that the bill has been extended two years, this is a good incentive for donors who are 70-1/2 years old or older to use money in their IRAs to make charitable gifts. We ask you to seriously consider making a gift from your IRA to the School Sisters of Notre Dame. Thank You.
Click here to see our Province wish list. Acquiring funds for these items will help us serve our sisters.
To learn more about the various options for giving, click the links below.
| Mail-In Donation Form | Life Insurance |
| Bequests | Gift in Kind |
| Memorial and All-purpose Greeting Cards |
Stock Transfer |
| IRA Rollover | Octoberfest |
Click here to receive more information about gift-giving options.