This means that if you are 701/2 or older, you can donate funds from your Individual Retirement Account (IRA) to a charitable organization such as the St. Petersburg College Foundation without taxation.
The IRA Rollover provision expired at the end of 2007; however, the initiative was reinstated as part of President Bush’s economic bailout bill. The provision is retroactive to Jan. 1, 2008 and will apply to gifts made from that date through Dec. 31, 2009.
The following limitations apply:
- The donor must be 701/2 or older.
- The cap on annual IRA rollovers is $100,000.
- The contribution must be a direct gift to a charity (no planned gifts).
If you are thinking about end-of-year gifting, think of the students and programs at St. Petersburg College. Please call Cindy Tully at 727-341-3126 or e-mail her at tully.cindy@spcollege.edu.
