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Give and get tax relief |
Tax Extenders and Alternative Minimum Tax Relief Act of 2008
Take advantage of a potentially significant tax break while contributing to United Way of Rhode Island (UWRI).
Hurry - the government provision for this opportunity expires Dec. 31, 2009.
The Tax Extender Relief Act of 2008 allows individuals to make distributions of up to $100,000 from their traditional, rollover, or Roth IRAs without those distributions counting as gross income. Donors must be at least 70.5 years of age at the time of the transfer.
- Funds must pass directly from the IRA custodian to the qualifying charity.
- Contributions are limited to $100,000 per tax year.
- The charity must be a tax-exempt organization.
FYI: United Way CFO Richard Voccio offers this reminder:
Individuals who are subject to an IRA minimum distribution requirement can indeed take advantage of the tax provision by making charitable distribution from their IRA to United Way of Rhode Island.
The Pension Protection Act (PPA) of 2006 does consider a contribution to the United Way of Rhode Island Community Impact Fund a qualified distribution.
UWRI does not allow its donors to make an IRA minimum distribution to their Philanthropy Account held at UWRI because the philanthropy account is considered a "donor advised fund." The PPA states: Distributions to "donor advised funds" are not qualified distributions.
For more information on how a charitable gift from your IRA can benefit you and UWRI, please contact: Armeather Gibbs, COO, 401-444-0720, armeather.gibbs@uwri.org
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