Public Good IRA Rollover Act

If you're age 70 ½ or older, the Public Good IRA Rollover Act, allows you to make cash donations to qualified charities, including Stonecroft Ministries, from your traditional IRA or Roth IRA up to $100,000 and exclude the gift from your gross income in tax year 2009.

Charitable distributions can not exceed a total of $100,000 and must be made by December 31, 2009. You will not pay income tax on your gift, and in some states and situations, you may be eligible for additional tax savings.

For more information, contact your IRA plan holder.

IRA gifts must be made directly to the charity through the IRA plan holder. Allow 4-6 weeks to ensure the transfer is made before December 31, 2009.

Charitable distributions may be excluded from gross income for federal income tax purposes. However, no federal income tax deduction is available. Certain states may not exclude gift amounts withdrawn from an IRA for state income tax.

If you do not file an itemized federal income tax return, you may still make qualified IRA gifts and exclude the gift from your reportable 2009 income.

Only outright gifts are eligible.

If you would like more information on how the Public Good IRA Rollover can provide tax-wise benefits to you and benefit ministry, contact Joan Johnson in Donor Services at support@stonecroft.org, or call (800) 525-8627, ext. 117.