Use Your IRA to Accomplish
Your Philanthropic Goals.
Eliminate Taxes for IRA Distributions!
The new Pension Protection Act of 2006 presents a unique chance for you to make a gift to the Jewish Community Endowment Foundation of Central New Jersey from your IRA with no adverse tax consequences.
If you are 70 ½ or older, in 2006 and 2007 you can instruct the trustee of your IRA to make a direct distribution of up to $100,000 per year to the Foundation. A husband and wife, both over the age of 70½, may contribute up to $200,000 each year. A direct distribution counts toward your annual IRA distribution requirement.
Do not delay. This charitable IRA rollover opportunity is a wonderful way to perpetuate your Annual Campaign gift or endow a gift in support of a program or agency here in our community or in Israel. The distribution may also be made to pay annual campaign gifts or Israel Emergency Campaign gifts.
This new law eliminates taxes for IRA distributions to charity of up to $100,000 in 2006 and 2007. A contribution of this type will not result in an income tax charitable deduction to the donor. However, for individuals who may have used up their 50% charitable gift exclusion from annual income tax, a “qualified distribution” to charity from an IRA will not be included in the charitable gift exclusion.
Of course, we encourage you to seek the advice of your professional financial advisor before you make a charitable IRA rollover gift.
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