On Friday, October 3, 2008, the Emergency Economic Stabilization Act was signed into law by President Bush. This legislation includes the immediate and retroactive extension of the popular IRA Rollover gift provisions originally included in the Pension Protection Act of 2006.
Click for: Sample Letter of Instruction to Your IRA Plan Administrator (to us or you)
Click for: Sample Letter Informing Middlebury of Your Distribution
The details:
- These provisions allow taxpayers 70½ years of age or older to make tax-free distributions in 2008, and again in 2009, from their traditional and Roth IRAs directly to qualified charities.
- An owner of a traditional or Roth IRA may instruct the IRA plan administrator to make distributions directly to qualified charities, such as Middlebury College.
- An individual may make as many distributions to as many qualified charities as he or she wishes, so long as the total of those distributions does not exceed $100,000 in each year. These distributions will not be subject to federal income tax and can count toward the required minimum distribution.
- This gift opportunity is for traditional IRA and Roth IRAs only, and does not apply to distributions from an employer-sponsored retirement plan, such as a Simple IRA, 401(k), or 403(b).
- IRA Rollover gifts cannot be used to establish charitable gift annuities or charitable remainder trusts.
- IRA Rollover gifts do not result in a federal income tax deduction.
Please contact the Office of Gift Planning, toll free, at 1-866-496-6433 or giftplanning@middlebury.edu if you have any questions about this gift opportunity or if you would like assistance in making a gift to Middlebury.