FORT WORTH, Texas (SWBTS) – For those looking for ways to support their favorite charities, President Bush and Congress have made an additional provision allowing tax-exempt contributions of up to $100,000 when they transfer their donations from an Individual Retirement Account (IRA).
President George W. Bush approved a two-year extension to this IRA Rollover provision when he signed an economic bailout bill (H.R. 1424, The Financial Rescue Package), Oct. 3. The provision applies to all gifts contributed between Jan. 1, 2008 and Dec. 31, 2009.
The IRA provision includes three conditions:
- The donor must be 70 ½ years of age, or older.
- The limit of total annual IRA rollovers is $100,000.
- The gift must be donated directly to a charity (The provision does not apply to planned giving).
About Southwestern Baptist Theological Seminary
Southwestern Seminary celebrates its centennial in 2008. Since its founding, the seminary has trained and sent out over 40,000 graduates to serve in local churches and mission fields around the world. In 1908, B.H. Carroll established the seminary on the campus of Baylor University. It was moved to its current location on Seminary Hill in Fort Worth in 1910 and was placed under the direction of the Southern Baptist Convention in 1925. Paige Patterson was elected as the eighth president of the seminary in 2003.
For more information, contact:
Dr. Thomas White, Vice President for Student Services and Communications
Southwestern Baptist Theological Seminary
817.923.1921 ext. 7300