Annual Fund Drive update
The kick-off for the 2008-2008 Annual Fund Drive for St.
Mary – St. Augustine Catholic Elementary School will
be in February of 2009. For those wishing to contribute by
Dec. 31 for tax purposes, please send your contribution to
the school office (in an envelope marked Annual Fund 2008-09)
and you will be sent an acknowledgement of the gift.
Donation information for individuals
70½ and older
Thanks to a provision in the Emergency Economic Stabilization
Act of 2008 that was passed in October, older Americans are
once again able to contribute directly to public charities
from their individual retirement accounts (IRAs). The IRA
Charitable Rollover tax incentive, which is available through
the end of 2009, allows individuals aged 70-1/2 and older
to donate up to $100,000 per year from their Individual Retirement
Accounts (IRAs) and Roth IRAs to public charities without
having to count the distributions as taxable income. Since
its original enactment in August 2006, the IRA Charitable
Rollover has given seniors the opportunity to give back to
their communities by eliminating the barrier in the tax law
that had discouraged transfers from individual retirement
accounts to charities. The IRA Charitable Rollover allows
older Americans of all incomes to make millions of dollars
of new contributions to organizations that benefit people
and organizations in need every day. Now is your opportunity
- as a donor - to take advantage of this valuable incentive.
How does the IRA Rollover Work? Taxpayers age 70-1/2 and older
are required to make annual distributions from their IRAs.
The distributions are included in their adjusted gross income
(AGI), and the taxpayers pay taxes on them. The IRA Charitable
Rollover permits taxpayers to make donations directly to charitable
organizations from their IRAs without counting them as part
of their AGI and, consequently, without paying taxes on them.
We encourage you to check into this today with your financial
advisor.
