Great News - Extension of IRA Charitable Rollover Included in Financial Rescue Bill!
Between now and 31 December 2009, IRA owners age 70½ and older may take advantage of the IRA charitable rollover provision. This provision allows taxpayers to make tax-free distributions of up to $100,000 in both 2008 and 2009 from an IRA to qualified charitable organizations, such as the USAO Alumni Association or the USAO Foundation. Charitable distributions from an IRA can be used to satisfy the annual required minimum distribution (RMD).
Remember, IRA assets left to heirs may be subject to estate and income taxes, so this is a unique opportunity to avoid both taxes.
How to Qualify:
• Distributions may be made in one or both of 2008 and 2009
• Donors must be age 70½ or older on the date of the distribution
• Distribute, to qualified charities up to $100,000 per taxpayer, per year (Couples with separate IRAs can each gift up to $100,000 per year)
• Distributions to charity can be applied to satisfy required minimum distribution (RMD)
• Distribution must be transmitted directly from your IRA's plan administrator to the charity
• Receipt from the charity is required for a donor to substantiate a charitable IRA distribution
• Opportunity does not apply to other forms of retirement plans such as 401(k), 403(b), etc.
Making the Gift is Easy:
Direct your IRA manager to distribute funds directly to the USAO Alumni Association or the USAO Foundation. To designate your distribution to any one of the funds or scholarships managed by either the Alumni Association or the Foundation, instruct your IRA manager to make the distribution payable to the “USAO Alumni Association – Name of the Fund ” or the “USAO Foundation – Name of the Fund ”. To ensure you receive proper acknowledgement for your contribution, be sure to share your intentions with the Alumni Office or the Foundation Office (see below for contact information).
USAO Alumni Association, Inc.
USAO Foundation, Inc.
Julie Bohannon Michael Nealeigh
USAO Alumni Association USAO Foundation
1727 W Alabama 1727 W Alabama
Chickasha, OK 73018 Chickasha, OK 73018