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New philanthropic tool available |
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Donors have a new and powerful tool for making gifts to Twin Cities Habitat for Humanity. The Pension Protection Act of 2006 allows donors to make gifts from their Individual Retirement Account (IRA) without triggering income tax liability—something never before possible.
To qualify:
- The donor must be 70 ½ years of age or older;
- The transfers must go directly from the IRA to qualified charities such as Twin Cities Habitat for Humanity;
- Gifts cannot exceed $100,000 per taxpayer per year; and
- Gifts must be outright.*
* Transfers to donor advised funds, charitable remainder trusts or for charitable gift annuities do not qualify.
While donors can avoid income tax liability, they do not receive a corresponding income tax deduction for their gift. This charitable opportunity is available only in 2006 and 2007.
As you make your gift plans for the year-end or in the new year, we hope you will consider a gift from an IRA as one of your options. To learn more about this and other charitable strategies, please contact Nancy Brady , Director of Development at (612) 331-4090 ext. 615.
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