The news and music you hear on WMRA and WEMC every day are made possible by listener support. Please join others in supporting your stations. Call 1-800-677-9672, send a check to 983 Reservoir St., Harrisonburg, VA 22801, or give online. |
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MAKING A TAX-FREE CONTRIBUTION FROM YOUR IRA WMRA and WEMC listeners may make contributions directly from an IRA under the Emergency Economic Stabilization Act of 2008. This legislation allows individual donors age 70˝ and older to make gifts using funds from qualifying IRAs without incurring tax effects traditionally associated with donations from such accounts. Such gifts are especially beneficial if you do not itemize deductions and therefore cannot deduct charitable contributions. Under the current legislation, you may contribute funds this way if: • You are 70˝ or older • Your gifts total a maximum of $100,000 (A qualifying spouse may also make a gift up to $100,000) • You complete the gifts on or before December 31, 2009 • You transfer funds directly from an IRA or Rollover IRA to a public charitable organization WMRA is licensed to James Madison University, which holds nonprofit, 501(c)(3) status on behalf of WMRA. WEMC is licensed to Eastern Mennonite University, which holds nonprofit, 501(c)(3) status on behalf of WEMC. To make a gift, we suggest you initially contact your IRA administrator for instructions, as each administrator has company-specific guidelines. However, with all administrators it is essential for you to confirm the check is made out to the station and not to the individual to avoid undesired tax consequences. For proper handling, acknowledgment and donor credit, IRA distributions being made as a gift to WMRA or WEMC should be sent to: Diane Halke WMRA / WEMC 983 Reservoir St. Harrisonburg, VA 22801-4350 800-677-9672 Fax: 540-568-3814 wmra@jmu.edu For more information on supporting WMRA or WEMC through charitable estate planning, please visit www.wmra.org/bequests.html or contact Diane Halke. You may also make direct stock or other asset gifts to the stations and avoid income taxes on the appreciated value of the assets. Please visit www.wmra.org/stocks.html or contact Diane to learn more. Note: We do not advise on personal income tax issues. Please consult your tax advisor for full information. Only your advisor can give you professional advice based on your personal financial circumstances. |
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