(Here’s an article to “cut and paste” directly into your parish bulletin or newsletter.)
A special opportunity for good stewards, age 70-1/2 or older…
… but time is running out. Under the Pension Protection Act of 2006, individuals with traditional or Roth IRA’s may make tax-free gifts directly to qualified charities – like the parish! These gifts can count as the annual “minimum required distribution,” and contributing the distribution – or a portion of it – may actually decrease your total annual federal tax. Here’s how to do it:
1) Contact your IRA administrator and say you would like to make a “charitable IRA” gift,
2) Have the IRA administrator transfer up to $100,000 directly to your favorite charity,
3) Be sure that the transfer is completed before December 31, 2007, when the current Pension Protection Act is scheduled to expire,
4) Know that you won’t have to claim the transfer as income (and you benefit even though you don’t receive a charitable deduction for it), and
5) Sit back and see the good work your generosity will make possible!
Year-end gifts to the parish are always received with joy and put to use to further our mission and good works. But this year, generous donors over 70 years old have a unique opportunity to make an especially meaningful contribution. Consult your accountant or tax advisor for details if this applies to and appeals to you. And thank you SO much!
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