|Important 2006 Tax Information Regarding IRA Gifts
For release: Dec. 14, 2006
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The Pension Protection Act of 2006 allows donors to make tax-free withdrawals from a traditional or Roth Individual Retirement Account (IRA) directly to a qualified charity. Distribution amounts are not included in the donor's gross income and do not factor into any charitable deduction that otherwise would apply to the donor, but will count toward the donor's minimum required distribution.
The donor must be at least age 70 and 6 months at the time of distribution, and the distribution must be made outright to the charity and not to a donor advised fund or supporting organization. The qualified charitable distributions are limited to $100,000 per taxpayer per year for transfers made in 2006 and 2007. Please consult your tax advisor for more details about how the Pension Protection Act of 2006 can be used for your end of the year giving.
Details are available online at: www.memphis.edu/2006_givingnotice.htm
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