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The Bethel Investor
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A Unique Opportunity to Give—and Save!
IRA Charitable Rollover Option Ends This Year
The Pension Protection Act of 2006, signed into law on August 17, 2006, includes a number of long-awaited reforms for charitable organizations. Some donors have found part of that law, the IRA charitable rollover provision, worth investigating.
Many Bethel friends have benefited from growth in the value of their IRAs and have asked if they can make gifts from this source. Until recently, they have had to take a withdrawal and report the IRA in their personal tax return.
For a limited time there is a great new option: the IRA charitable rollover. If you are age 70½ or older, you are eligible to make an IRA charitable rollover of up to $100,000 in 2007 to public charities like Bethel. And the good news is that your IRA distribution to charity will be similar to other IRA rollovers—it will not be included in your federal taxable income, thereby lowering your taxable income.
An added bonus: This year, your IRA charitable rollover year will qualify for all or part of your required IRA minimum distribution. Also, tax-deferred funds in 401(k) and other qualified plans can be transferred to an IRA account and then transferred to a charity to qualify as an IRA charitable rollover.
This opportunity is available only until December 31, 2007. Contact Dan Wiersum (651.635.8052 or d-wiersum@bethel.edu) today about making your IRA rollover gift.