The
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Tax-Free Gifts from IRAs Reauthorized for 2009 Congress has passed legislation that allows donors to make charitable gifts from their IRA accounts during 2009 without incurring income tax on the withdrawal. The “Emergency Economic Stabilization Act of 2008” enables those individuals who are age 70½ or older, required to take minimum withdrawals, and do not need the cash for personal use, to make a gift to one or more qualified charities. Cape Henry is a qualified charity. While you cannot claim a charitable deduction for IRA gifts, you will not pay income tax on the amount.
DEVELOPMENTNews
Where leadership and giving come together 2008-2009 Annual Giving LEADERSHIP DONORS
To qualify: • You must be age 70½ or older at the time of the gift. • Transfers must be made from a traditional or Roth IRA account by your plan provider DIRECTLY to the charity. Funds that are withdrawn by you and then contributed do not qualify. • Gifts from 401k, 403b, SEP and other retirement plans do not qualify. • Gifts must be outright. Distributions to donor-advised funds, supporting organizations, or life-income arrangements such as charitable remainder trusts and gift annuities are precluded. Benefits–Qualified charitable distributions: • Can total up to $100,000 in each tax year (if your spouse has a separate IRA account, you can each contribute up to $100,000 per tax year); • Can be excluded from your gross income for federal income tax purposes on line 15a of Form 1040 (no charitable deduction is available, however); • Can be used to satisfy your Minimum Required Distribution (MRD); • Are not subject to the 50% deductibility ceiling or the 2% rule. Example: You have $500,000 in an IRA and will be required to withdraw approximately $25,000 this year, and suppose that you were planning to contribute $20,000 to Cape Henry Collegiate School. You may authorize the administrator of your IRA to transfer $20,000 to Cape Henry and $5,000 to yourself. The $20,000 distributed will not be subject to tax and will still be counted toward your annual minimum distribution. For more information, please contact Ms. Leanna Jackson, CFRE, Associate Director of Development, at leannajackson@ capehenry.org or (757) 963-8226 so she may assist you with the transfer. CHCS recommends that you consult your tax or legal advisors prior to making a planned gift.
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EVERETT SOCIETY
C APE H ENRY S O U N D ING S
Mr. and Mrs. Garret A. Alcaraz Mr. and Mrs. Richard D. Allred Mr. and Mrs. Brent W. Averette Mr. and Mrs. Branson Barry Mr. and Mrs. Bruce Berlin Mrs. Constance Bowen Mr. and Mrs. Daniel A. Burke Mr. and Mrs. John P. Castleberry Mr. and Mrs. George B. Clarke IV Mr. and Mrs. Denny P. Cobb Mr. and Mrs. Todd A. Copeland Mr. and Mrs. Scot N. Creech Mrs. Linda W. and Mr. Gregory W. Cross Mr. and Mrs. Anthony Cutrino Mr. and Mrs. T. Clinton Damuth Mr. and Mrs. Neel D. Desai '93 Mr. and Mrs. Tejal D. Desai '98 Mr. and Mrs. George J. Dieffenbach Mr. and Mrs. Dennis M. Ellmer Mr. and Mrs. John C. Fagan Mr. and Mrs. James D. Finley, III Mr. and Mrs. William H. Fuller, Jr. Mr. and Mrs. Serban Ghenea Mr. and Mrs. Michael R. Gianascoli '89 Mr. and Mrs. Michael S. Goldberg Mr. and Mrs. John F. Grubiak, Jr. Mr. and Mrs. Donald S. Hannahs Dr. and Mrs. Michael Hasty Mr. and Mrs. R. Keith Hathaway Mr. and Mrs. John T. Henning Susan and Paul Hirschbiel The Honorable Pamela E. Hutchens Ms. Leanna Jackson Mr. and Mrs. Ante Jakovljevic Mr. Todd W. Jared Mr. and Mrs. Bradley D. Kasinger Mr. and Mrs. Patrick C. Keenan Ms. Stella D. S. Kibbey Dr. Jung W. and Prof. Dong-Hyun Kim Mr. Robert F. Knuth and Dr. Renee A. Woodford Mr. and Mrs. Ron M. Kramer Mr. and Mrs. Lesley T. Lascari William and Susan Lavelle Karen and Kelly Law '83 Mr. and Mrs. Gregory H. Law Dr. and Mrs. Michael E. Lee
Mrs. Catherine and Dr. John P. Lewis Mr. and Mrs. Mark Manthey Carolyn and Jerry McDonnell Mr. and Mrs. John F. Melley Mr. Paul V. Michels Mr. Robert G. Morecock and Ms. Frances H. Camp Mr. and Mrs. Andrew J. Mytelka Mr. and Mrs. Craig L. Mytelka Mr. and Mrs. John C. Napolitano Norfolk Southern Foundation Mr. and Mrs. Richard E. Olivieri The William J. and Dorothy K. O’Neill Foundation Mr. and Mrs. Christakis J. Paphites Patricia and Douglas Perry Foundation Mr. and Mrs. J. Christopher Perry '92 Mr. and Mrs. J. Douglas Perry Congressman and Mrs. Owen B. Pickett Mr. and Mrs. L. Ike Prillaman The Honorable and Mrs. Harry R. Purkey Mr. and Mrs. Michael W. Reedy Mr. and Mrs. Kevin E. Riggins, Sr. Mr. and Mrs. Kevin Riordan Mrs. Martha K. Roland Mr. Robert Rudman Mr. and Mrs. Chris A. Sanders Mr. and Mrs. Kevin P. Scherrer Amelia and Ivan Schiff Mr. and Mrs. Richard T. Short Mrs. Jean Siebert Mr. and Mrs. Timothy D. Siviter Mr. and Mrs. Donald R. Smith Mrs. Lisa N. Smith Mr. and Mrs. Stephen M. Snyder Mr. and Mrs. James H. Sparks Mrs. Dona P. Stooksbury Phillip and Beth Templeton Mr. and Mrs. W. Adam White Mr. and Mrs. Richard W. Whittemore Mrs. Katherine C. and Mr. Ros R. Willis '82 Mr. and Mrs. W. Earl Willis Mr. William V. Wood Mr. and Mrs. Christos M. Xystros Mr. and Mrs. Richard C. Zoretic