The provision that allows individuals age 70 ½ years old and older to make charitable gifts directly through their IRA remains for calendar year 2009. While a gift to the Davenport Diocese, your parish or school made from your IRA does not qualify for a charitable deduction, you will owe no income tax on this distribution since it is made directly from the custodian of your account to the diocese, your parish or school.
Points to remember:
• You must be age 70 ½ or older at the time you make the gift.
• The total of your IRA donations for the year cannot be more than $100,000. Couples with separate IRAs are each eligible to give that amount.
• Your gift must come from a traditional or Roth IRA. Pension plans or 401Ks do not qualify.
Contact your IRA administrator to make this gift directly from your account to the diocese, your parish or school.
This gifting opportunity has been extended year by year in the past and has not yet been extended beyond 2009. For more information, contact Sister Laura Goedken, OP, director of development, Catholic Foundation for the Diocese of Davenport at (563) 324-1912, ext 290, or Goedken@davenportdiocese.org.