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The Free Methodist Foundation

8050 Spring Arbor Road
PO Box 580
Spring Arbor, Michigan 49283

phone:   517.750.2727
toll free: 800.325.8975
fax:        517.750.2752
email:    info@fmfoundation.org

 

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Giving From Your IRA

*Legislation for making a charitable contribution from your IRA expired December 31, 2007, but could be reinstated in 2008.  Please contact us with any questions.

Making a gift from your IRA...

The new tax law, the Pension Protection Act of 2006 (PPA), now provides a gift planning opportunity for owners of Traditional and ROTH IRAs. Key points to keep in mind:

  • The gift from the IRA must be made on or before December 31, 2007.
  • Donors age 70 1⁄2 and older are eligible.
  • As much as $100,000 can be donated each year.
  • The gift must be 100% charitable.
  • Your IRA administrator must send the check directly to King Trust Charitable Gift Fund or charitable organization to qualify.
  • The gift can satisfy minimum required distributions, reducing reportable income.
  • King Trust Company, N.A. can assist you in rolling over your
    401(k) or 403(b) into an IRA to take advantage of this opportunity.
  • Some states may treat the IRA gift as taxable income or limit deductibility.