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News Stories |
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New Income Tax Legislation
Congress recently passed the Katrina Emergency Tax Relief Act of 2005
(KETRA) that will allow for significantly higher limitations for charitable
contributions in 2005. For certain types of charitable contributions,
individuals will be able to deduct up to 100% of their adjusted gross income.
Specifics of this legislation are listed below:
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Must be cash contributions
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Must be made between August 28, 2005 and December 31, 2005
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Must be made directly to a charitable organization and not to (1) private
foundations, (2) donor-advised funds or (3) support organizations
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The reduction rule for itemized deductions (if adjusted gross income exceeds
certain levels) will not apply to qualified charitable contributions.
This new legislation may provide some unique tax planning opportunities
for individuals with Individual Retirement Accounts (IRA's). A significant withdrawal from an IRA could be taken and then distributed
out to charitable organizations with little or no Federal income tax due.
Ask yourself these questions:
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Are you older than 59½?
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Do you have an IRA?
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Has God blessed you in a manner that you may not need all of your IRA
for retirement income needs?
You may want to consult your tax preparer for further information.
Barnabas Foundation has prepared a Fact Sheet about the new legislation; click here for a PDF file containing this fact sheet or
click here for a simple text file of the sheet.
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Date: May 10, 2004
From: American Council on Gift Annuities (acga@acga-web.org)
Subject: Gift Annuity Rates
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At its meeting on May 5, 2004 in Orlando, immediately prior to the ACGA conference, the ACGA board approved the recommendation of the Gift Annuity Rates Committee to continue the current gift annuity rates for another year. Unless unforeseen circumstances should necessitate an interim adjustment, the rates that became effective on July 1, 2003 will remain in effect at least through June 30, 2005.
Although the rates will not change this year, there was a change in the methodology for calculating the assumed return on gift annuity reserves. The new methodology did not result in a change in the return assumption this year, but it could in subsequent years.
A paper providing a detailed explanation of the rates, as well as the reasons for the board action, was provided to conference participants. ACGA Sponsors can receive this report electronically by sending a request to Gloria Kermeen at the following e-mail address: acga@acga-web.org
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American Council on Gift Annuities
233 MCCrea Street, Suite 400
Indianapolis, Indiana 46225
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Millions of people have had their lives disrupted by last week's tsunami in Southeast Asia. A number of our member organizations are involved in the relief efforts for these victims.
If you would like to contribute to their work and have a
Stewards Fund Account here at Barnabas Foundation, please use the e-Grant system link to submit your charitable request to one or more of these organizations today. You may also click on the member links; you will be taken to their website where you can read about relief efforts being conducted and be able to make a direct contribution.
Thank you for being a part of the relief work being done in the name of Jesus Christ in Southeast Asia.
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To e-Grants . . . |
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