New law extends tax benefits for charitable contributions from your IRA
| Published: December 17, 2008 – 5:18 pm
If you’re you’re at least 70 1/2 years young and want to save great island lands by supporting the Whidbey Camano Land Trust, consider giving us a gift directly from your individual retirement account. By doing this, you will save taxes and potentially reduce your taxable income thanks to a provision in the Emergency Economic Stabilization Act of 2008, recently signed into law.
The IRA Charitable Rollover tax incentive, available through December 2009, allows individuals aged 70 1/2 and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) and Roth IRAs to public charities, such as the Whidbey Camano Land Trust, without having to count the distributions as taxable income.
How does the IRA Rollover Work?
The IRA Charitable Rollover lets taxpayers make donations directly to charitable organizations from their IRAs without paying taxes on them. This is a significant advantage for taxpayers aged 70 1/2 and older because ordinarily they must take annual distributions from their IRAs and pay taxes on this money. But if you choose to make a contribution to us directly from your IRA, you won’t have to pay taxes on the gift.
This is a time-sensitive opportunity. Only contributions completed between now and December 31, 2009 are eligible.
- Donors must be 70 1/2 years old or older when the distribution is made.
- You can contribute up to $100,000 in any one year.
- Make the distribution directly from the IRA trustee payable to the public charity.
We appreciate your ongoing support. This is an exceptional opportunity to support land conservation here on Whidbey and Camano Islands. Please call Elizabeth or Jan @ (360) 222-3310 for more information.
