Use Your IRA as Never Before

The Pension Protection Act of 2006

Allows individuals the convenience of making direct tax-free transfers from a traditional IRA as gifts to charity until the end of 2013. Congress has been extending this program on a year-by-year basis.

Special for 2012, Seniors, age 70 ½ or older who took IRS distributions in December 2012 can donate cash to a qualified charity by January 31, 2013 and have that donation satisfy their distribution requirement for 2012, but own no taxes on it.

You may qualify for additional benefits even as you accomplish your philanthropic goals. We recommend that you check with your financial advisor to see how this method of charitable giving will benefit you specifically.

The Basic Guidelines are

  1. The Pension Protection Plan applies only to gifts made in tax years 2006 through 2012.
  2. You must be 70 1/2 or older at the time of transfer
  3. Gifts must not exceed $100,000 per year.
  4. Funds must be transferred directly for a traditional IRA to a qualifying charity.
  5. Such gifts count toward a Taxpayer’s Required Minimum Distribution(RMD).

ST. NOEL QUALIFIES!

Please contact the parish office if your financial planner or attorney requires the tax ID number.

Change this in Theme Options
Change this in Theme Options