Donors can make tax-exempt contributions to seminary
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).