Tax Changes in 2009
Change is in the air! Recent and pending legislation may affect your 2009 taxes. Be sure to check with your tax advisor or visit http://www.irs.gov/ to learn how these changes apply to you.
Through the end of 2009, anyone age 70½ or older can make tax-free IRA distributions to charitable organizations (including Stanford). Using this giving technique to satisfy your annual minimum distribution, however, is not a consideration this year. Congress has voted to waive the minimum distribution requirement for one year to help diminish the impact of the market downturn.
As of January 1, 2009, only taxable estates that exceed $3.5 million in total value are required to file a federal estate tax return. Pending legislation may keep the exemption at this level, which is otherwise scheduled to revert to $1 million in 2011. If the law is not changed this year, the federal estate tax will be completely eliminated for 2010 only.
Other proposed changes to the tax code may affect itemized deductions, capital gains and dividend taxes, and top marginal tax rates.
For more information, please contact:
Carol Kersten
Director of Planned Giving
650.725.5524
