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Opportunity for Our Older Friends to Support the LCSS

For the rest of this year and throughout 2009, an owner of a traditional or Roth IRA may instruct the trustee to distribute directly to a public charity up to $100,000 without the distribution being included in taxable income, and that distribution will count toward the IRA owner's mandatory withdrawal amount. The Lafayette Catholic School System is a 501(c)3 status organization, thus, qualifies as a recipient of this type of donation.

To qualify for IRA charitable rollover treatment, the donor must direct the IRA manager to transfer funds directly to the Lafayette Catholic School System. A withdrawal followed by a contribution will still have to be reported as income. The donor must be at least age 70 at the time the gift is made and the donor recipient must be a tax-exempt organization to which deductible contributions can be made. Please share this information with your parents and/or grandparents. This is a great way for them to support our schools. They should consult their tax or financial advisors to learn more.