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Gifts from IRA (Individual Retirement Account) Funds Thanks to the Pension Protection Act of 2006, IRA Owners who are 70 1/2 or older now have a new way to make a gift. This temporary tax incentive applies through the end of 2007 and allows an individual to make a lifetime charitable gift free of tax obligations. Distributions made from taxable funds in an IRA or ROTH IRA will not be taxable. This provision allows individuals to contribute some of their IRA funds to the Fairfax County Public Library Foundation or other charity during their lifetime without having to add the distribution amount to their income, which lowers the adjusted gross income. Under this new law, you may contribute funds from your IRA if:   You are age 70 ½ or olderThe gift(s) do not total more than $100,000 annuallyThe gift is made on or before December 31, 2007Funds are transferred directly from an IRA or Rollover IRAGifts are made to a qualified charity, such as the Fairfax County Public Library Foundation, Inc.To donate a gift from your Individual Retirement Account, contact your IRA custodian for the necessary forms to transfer your desired gift amount to the Fairfax County Public Library Foundation. SAMPLE IRA Charitable Gift letter To view the SAMPLE IRA Charitable Gift letter form, you must have Adobe Acrobat Reader installed on your computer. To obtain a free Reader, follow this link:
Some of the Planned Gift options available: Gifts from an Individual Retirement Account |
