WCU is a University of North Carolina Campus
IRA Rollover Provision extended until December 31, 2009
As part of the $700 billion economic bailout bill (H.R. 1424, The Financial Rescue Package) a two-year extension of the IRA Rollover provision was included.
The provision is retroactive to January 1, 2008, and will apply to gifts made from that date through December 31, 2009.
The provision exempts from taxable income any funds transferred (“rolled over”) from an Individual Retirement Account (IRA) to a charitable organization, such as Western Carolina University. The following limitations apply:
The provision is retroactive to January 1, 2008, and will apply to gifts made from that date through December 31, 2009.
The provision exempts from taxable income any funds transferred (“rolled over”) from an Individual Retirement Account (IRA) to a charitable organization, such as Western Carolina University. The following limitations apply:
- The donor must be age 70½ or older.
- The cap on annual IRA rollovers is $100,000.
- The contribution must be a direct gift to a charity (no planned gifts).
The provision had expired at the end of 2007.