Ensign Susan L. Falt, U.S. Navy, for “Ready to Serve.” One future surface warfare officer knew what Navy community she wanted to join from the start.
Ensign Katrina S. Nietsch, U.S. Navy, for “Following Grandpa’s Lead.” She selected naval aviation because of her grandfather, whose happiest day was when he received his Wings of Gold.
Ensign Patrick A. Wiedorn, U.S. Navy, for “To Protect and to Lead.” His decision to join the submarine force was influenced by an unlikely source.
Second Lieutenant Zachary S. Wilson, U.S. Marine Corps, for “At the Precipice of Reality.” He stands ready to face the rigors of being a leader in the tradition of the old and current Corps.
The Naval Institute sponsors a range of essay contests, recognizing that encouraging independent ideas makes good sense for the Navy, the Sea Services, and national defense. Your tax-deductible contributions to the Naval Institute Foundation help the Institute strengthen its slate of educational projects covering subjects such as leadership, ethics, technology, joint warfighting strategy, operations, and tactics. For more information contact A. Denis Clift at (410) 295-1057 or [email protected] .
Tax Benefits through Your 2011 Charitable Donations to USNI
The charitable individual retirement account (IRA) rollover legislation allows you to transfer lifetime gifts up to $100,000 using funds from your IRA without undesirable tax consequences. This opportunity is only available through 31 December 2011.
Under this legislation you may contribute funds if you are age 70 1/2 or older at the time of the gift; your gift is $100,000 or less in 2011; you transfer funds directly from an IRA; or you transfer the gift outright to one or more qualified charities, but not to supporting organizations or for gift annuities, charitable trusts, or donor-advised funds.
Even if you have already named the Institute the beneficiary of your IRA, by making a gift this year of up to $100,000 from this account, you are jump-starting your legacy and giving yourself the pleasure of watching your philanthropy take shape.
Under this legislation, gifts can be made only from IRAs. Pension, profit-sharing, 401(k), 403(b), and other forms of retirement funds do not fall under this tax legislation.
Your gift can be used as your minimum required distribution under the law. The IRA rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.
You do not need to donate your entire IRA to be eligible for the tax break. You can give any amount under this provision, as long as it is this amount or less this year. If your IRA is valued at more than this amount, you can transfer a portion of it to fund a charitable gift.
You may also divide your maximum allowable donation among more than one organization. For example, you can give two organizations $50,000 this year or in any other combination that totals $100,000 or less. And if your spouse is 70 1/2 or older, he or she can also give up to $100,000 from his or her IRA.