Crean Lutheran High School

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Tax Relief Act allows those over 70.5 yrs to exclude from gross income charitable contributions up to $100,000 to Crean Lutheran

Tax Relief Act 2008 & 2009 Allows Charitable Contributions Directly From Your IRA to Crean Lutheran South

The Extenders and Alternatives Minimum Tax Relief Act (otherwise known as H.R. 1424) allowa IRA owners, age 70 ½ or older to make a direct transfer from their IRAs to Crean Lutheran High School. The transfer may be up to $100,000 per year.

H.R. 1424 allows individuals 70 ½ or older to fulfill their Required Minimum Distribution (RMD) by making direct transfers from their traditional IRA to a publically supported charity. Since distribution is made directly to charity, the donor will not realize an increase in their taxable income and thus not jeopardize their social security and other public benefits.

To qualify:

 The owner of the IRA must be 70 ½ or older

 The gift must be made by December 31, 2009 (to fulfill the distribution requirement for 2009)

 The owner may transfer up to $100,000 per year to qualified charities

Highlights of the new law:

Who: Individuals over the age of 70½ are eligible.
What: Contributions from IRA accounts only. However, other retirement accounts, such as a 401(k), 403(b), SEP, and SIMPLE, may be rolled over to an IRA prior to making the contribution.
When: The contribution to Crean Lutheran South High School must be postmarked by your IRA custodian no later than December 31, of the fiscal year, to qualify for that year.
Amount: Any amount, up to $100,000.
How: Please complete the following form and mail it directly to your IRA custodian (e.g. Fidelity, Charles Schwab, etc.) to accomplish this gift.

Please contact Mr. David DeMars in our Advancement Office -- DeMars@clshs.org -- if you have any questions or need additional information. The information contained in this special announcement and accompanying form is not intended to be tax or legal advice. Please consult your tax advisor.

IRA CHARITABLE CONTRIBUTION FORM

Mail this form directly to your IRA custodian

Your Name ________________________________________________

Your Address ________________________________________________________

Date ___________________________

IRA Custodian ________________________________________________________

IRA Custodian's Address _______________________________________________

RE: IRA Account Number _______________________________________________

Please make a direct charitable distribution from my Individual Retirement Accounts in accordance with H.R. 1424, "The Extenders and Alternatives Tax Relief Act."

Please (X one of the following two methods):

___ 1. Issue a check in the amount of $________ payable to the following qualified charitable organization: Crean Lutheran South High School, 4947 Alton Parkway, Irvine, CA 92604

___ 2. Transfer my charitable distribution in the amount of $__________ directly into Crean Lutheran South’s Charles Schwab account # acct# 18694418 (DPC# 0164).

Sincerely, (signature) _________________________________________________

Note: Please complete a separate form for each IRA account. This form must be

processed and the check postmarked no later than December 31, to qualify.

Questions? Contact Mr. David DeMars, DeMars@CLSHS.org, or Pastor Wm. Bartlett, Crean Lutheran South High School, 4947 Alton Parkway, Irvine, CA 92604 bartlett@CLSHS.org , 949-916-0897, www.CLSHS.org .

Charitable Contrib from IRA.pdf (220 KB)