The Pension Protection Act of 2006, enacted in August, includes tax incentives for charitable gifts from donors age 70 ½ or older.
The IRA rollover provision allows donors to exclude from their adjusted gross income the amount of charitable distributions up to a limit of $100,000 per year from either regular or Roth IRAs.
Qualifications and requirements are:
- You are 70 ½ or older;
- You transfer up to $100,000 per year directly from your IRA;
- You make this gift on or before December 31, 2007; and
- You make an outright gift to a charity or charities
A gift to Delbarton School would qualify for this kind of IRA rollover. Remember that this provision is good for the years 2006 and 2007 only, and gifts must be made directly from your IRA. Contact your IRA custodian for further instructions.
Please consult your tax professional regarding this opportunity. More information can be found at the Council for Advancement and Support of Education (CASE). website.
If you have a question or comment, please call
Craig Paris in the Development Office
at 973-538-3231 x3050 or email
cparis@delbarton.org
.