Charitable IRA Legislation Passed for 2008 - 2009
Great news!
The IRA Charitable Rollover has been renewed and extended for this year and next – to December 31, 2009 – so you can still take advantage of this opportunity for a 2008 gift. This provision in the tax law offers a wonderful way to support Longyear activities and the many important projects currently underway.
Guidelines for this important legislation are as follows:
- It’s exclusively for donors who are 70 1/2 or older
- It's a simple, one-step distribution from your IRA directly to Longyear*
- Charitable IRA distributions are limited to a total of $100,000 per year
- The gift counts toward your required minimum distribution for the current tax year
- Your taxable income is not affected because no taxes are due on the distribution – it goes directly to charity
- You can still make a gift in 2008!
To ensure that you don't miss this opportunity and to find out more, please contact John Mitchell, Director of Development, at 800.277.8943 ext. 230 or jmitchell@longyear.org. You may also read more about this legislation on our website -- www.longyear.org -- under the heading “Get Involved.”
*Note that the law states that rollover distributions must go directly to a 501(c)(3) designated charity – not to the individual – to comply.
Thank you for your continued support of Longyear’s mission and purpose!
