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IRA Rollover Extended
If you have IRA assets — or you help an older relative or loved one with financial matters —
you should be aware of the extended IRA rollover provision signed into law on October 2, 2008 by President Bush. Part of the $700 billion economic bailout bill (H.R. 1424, The Financial Rescue Package), the provision applies to gifts made from January 1, 2008 through December 31, 2009. It exempts from taxable income any funds transferred (“rolled over”) from an Individual Retirement Account (IRA) to a charitable organization. In order to take advantage of this:
• The donor must be age 70 ½ or older.
• The cap on annual IRA rollovers is $100,000.
• The contribution must be a direct gift to a nonprofit such as Stan Hywet Hall & Gardens (no planned gifts).
Please contact Susan D. VanVorst, VP Fund Development at Stan Hywet, 330-315-3216, for further information or contact your IRA custodian directly should you wish to make a charitable rollover gift from your IRA. Click here for a form to use when requesting a charitable rollover withdrawal from your IRA.
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