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Custer County Foundation
403 South 9th
PO Box 304
Broken Bow, NE 68822
(308) 872-2232
IRA Rollover Provision Extended Through 2009
The Emergency Economic Stabilization Act of 2008 recently passed by Congress and signed by President Bush contains an important incentive for charitable giving. The 2006 Pension Protection Act’s IRA rollover provision that expired at the end of 2007 has been extended through 2009 and made retroactive to January 1, 2008.
The rollover allows the owner of a traditional or Roth IRA who is age 70 ½ or older to have the trustee of the IRA distribute up to $100,000 directly to a public charity without subjecting the money to income tax. The distribution, which might be an outright gift rather than a planned gift, also counts toward the IRA owner’s mandatory withdrawal amount.A rollover of assets from an IRA directly to charity may be beneficial to donors in a variety of circumstances.
Check with your financial advisory if you are interested in taking advantage of this opportunity to support the Custer County Foundation and/or other non-profits.