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Tax Free Gifts from IRAs

The new Pension Protection Act of 2006 allows donors to make a transfer from an Individual Retirement Account (IRA) to a qualified charity without including the distribution in income. Now, individuals may distribute a tax-free gift up to $100,000 from a Roth or Traditional IRA to St. Barnabas Charities.

Guidelines:

• Gifts may be used only as a direct gift to St. Barnabas Charities. IRA donated funds may not be used to fund a Charitable Gift Annuity, Charitable Remainder Trust, Charitable Lead Trust, etc.
• Gift must be from a Traditional or Roth IRA. Other accounts including 401(k) and 403 (b) plans are not eligible.
• A gift from your IRA satisfies your annual minimum required distribution (MRD).
• Gifts up to $100,000 may be made per taxpayer per year.
• You must be at least age 70 ½ when the distribution is made.
• The gift must be distributed directly from your IRA administrator to St. Barnabas Charities.
• State taxes may still exist. Donors are encouraged to consult with their tax advisor.
• This law is in effect for the remainder of 2006 until 12/31/2007.

To learn more about this IRA provision, please contact the Planned Giving Office at 724-444-5508 or email Allyson Sveda.