by John McGrath, Senior Development Officer
Have you considered making a gift from your IRA to support the work of the Seamen's Church Institute but held back because of the federal income tax penalty? An extension of federal legislation now may allow you to help SCI address the needs of mariners by donating from your IRA tax-free.
Congress has extended the IRA Charitable Rollover provision of the tax code, permitting individuals 70½ and older to contribute directly from their IRAs to qualified charities tax-free in 2008 and 2009. To support SCI’s work for mariners worldwide, you can arrange to make a direct transfer by the plan trustee to SCI without incurring federal income taxes. The extension is retroactive to January 1, 2008.
Please consult with your financial advisor about these and other possible limitations that apply to a charitable rollover from your IRA:
- You must be age 70½ or older at the time of the gift. Note that the gift counts toward the mandatory minimum withdrawal from your IRA;
- The distribution must be a direct transfer to SCI by the plan trustee;
- The maximum amount of an annual gift in an IRA rollover is $100,000.
To initiate a transfer and make a gift, contact your plan trustee. A transfer for 2008 must be completed by December 31.
For 2008 and 2009, a rollover from your IRA may be the best way you can join SCI as a partner in mission. By giving to SCI’s Annual Fund, you’ll stand with us as we advocate for the spiritual, personal, and professional well-being of mariners around the world and in the work of America’s own ports and waterways.
For further information, please call SCI's New York offices at (212) 349-9090.