Get a Head Start on End-of-Year IRA Gifts
Many of you make your donations to Temple Beth El in the final months of the
year. As a reminder, be sure you take advantage of the tax-free opportunity
still available through IRA giving before the close of 2007:
Those of you that are age 70-1/2 or older, who make a charitable gift
directly from your traditional or Roth IRA to Temple, can do so tax-free.
A qualified person, as described above, may donate to the Temple all, a
portion of, or an amount greater than their mandatory IRA withdrawal (RMD –
Required Minimum Distribution) up to $100,000 this year.
Donors over age 70-1/2 who are receiving Social Security income may make
gifts directly from their IRA without increasing their gross income and possibly
subjecting their Social Security income to higher levels of taxation.
Donors whose retirement benefits are in other plans, such as a 401(k), may be
able to transfer money to an IRA and make an IRA gift tax-free.
This special tax-free opportunity, for IRA giving, is time critical because
it is set to expire at the end of 2007. All that is required to make an IRA
gift is to mail or fax your IRA administrator the following instructions:
“I would like to
make a direct charitable distribution from my IRA (account #) as provided by
Sec. 1201 of the Pension Protection Act of 2006 and Sec. 408(d)(8) of the IRC of
1986, as amended.”
“Please issue a
check in the amount of $_____________ payable to Temple Beth El at their address
of 5975 South 12th Street, Tacoma, WA 98465 and include my name and
address as the donor of record in connection with this transfer and copy me on
your transmittal.”
The process really is that simple!
And please let us know about your planned giving
decisions by completing and sending in this form
(Microsoft Word format).
Thank you for supporting Temple Beth El with your
tax-free contribution.
For more information, you should consult with
your attorney and/or tax advisor.
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