New legislation allows donors over age 70-1/2 to exclude from adjusted gross income gifts directed from traditional and Roth IRA accounts, up to $100,000 each year, for tax years 2006 and 2007.
The income exclusion is for federal income tax purposes. The distribution amount may still be included for state income tax purposes. This varies from state to state. The exclusion applies to direct gifts to charities but not to split interest gifts such as donor-advised funds, charitable gift annuities, or charitable remainder trusts.
To take advantage of gift opportunities from IRA accounts for 2006 and 2007, please talk to your financial advisor or IRA program administrator.
For more information, contact our planned giving associate at 877-366-7242, x1106, or through e-mail.
Please note: The information in this publication is not legal, tax, estate planning or financial advise and is designed to be for general information only. Legal, tax, estate planning or financial planning advice should only be obtained from a planning professional.