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Public Affairs
News
Take Advantage of Charitable IRA Rollover Law
In August 2006, President Bush signed the Pension Protection Act of 2006. Among other provisions of the Act, this bill contains a temporary IRA Charitable Rollover provision that will allow people age 70½ or older to exclude up to $100,000 per tax year from their gross income for IRA Distributions made directly to a qualified charity.
This provision is temporary and in effect through calendar year 2007. Distribution is limited to a maximum of $100,000 for each year. A married couple can donate up to $200,000 per year provided each spouse owns at least one IRA and each can make a qualified charitable distribution of up to $100,000 from their plans. Distribution from the IRA must be paid directly as an outright gift to charity, and not pass first through the donor.
Seven Hills Foundation is able to accept many types of deferred gifts, including rollovers from IRAs. Your gift could provide tremendous support to Seven Hills Foundation, while at the same time, reducing your tax burden and lessening the tax implications for your heirs.
For more information on this and other types of deferred giving, please contact Kathleen Reville at 508.755.2340 x252 or email kreville@sevenhills.org. This material should not be construed as legal or tax advice. Individuals interested in deferred giving options should always consult with legal or other professional advisors.
Public Affairs |
Copyright © 2006 Seven Hills Foundation. All Rights Reserved.
