Winter 2008 Rapport: Development Outlook
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Law brings new opportunities
The Pension Protection Act of 2006 (PPA) may offer you opportunities for tax-free charitable giving through 2007. This act gives people who are at least 70½ years old the opportunity to make tax-free charitable gifts. You can then make gifts from traditional or Roth IRAs that would be taxed if withdrawn, voluntarily or not.
If over the age of 59½, funds may not be distributed directly to a charity but can be withdrawn from IRAs and other retirement accounts and then donated without a 10% penalty for early withdrawal. While amounts withdrawn and donated in this way are reported as part of your income, they can then be deductible as charitable contributions. Check with your financial advisor and AGTS for more details.
Monday, December 10, 2007 3:57 PM