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Unique Tax-Saving Opportunity for Donors with Individual Retirement Accounts
Limited Opportunity for Substantial Tax Savings!
The most favorable charitable gift legislation for donors in many years was made in the Pension Protection Act of 2006. The opportunity for taking advantage of this unique way to save taxes has been extended through 2009.
A primary benefit of this IRA charitable gift rollover is that it is an easy way for you to make a charitable gift from your IRA, without having to report it as income. For donors over the age of 70½, the federal government permits you to withdraw up to $100,000 this year from your IRA to give to Sacred Heart Major Seminary without claiming any increased income or paying additional tax.
To take advantage of this unique opportunity, contact your IRA custodian and request the updated "IRA Withdrawal Form." On the form, simply request a charitable withdrawal for the desired amount to Sacred Heart Major Seminary, Detroit, Michigan. You will not be taxed on the amount of your charitable gift.
For more information, please contact Darren Hogan at Sacred Heart, (313) 883-8748 or development@shms.edu.
The information contained here is of a general character only and is not intended as specific legal or tax advice. Please seek the guidance of your own personal legal or tax counsel prior to making any gift.
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