You can make a gift from your IRA

The Pension Protection Act of 2006 allowed Qualified Charitable Distributions from Individual Retirement Accounts (Traditional and ROTH). Under the Emergency Economic Stabilization Act of 2008 (Extension of Individual Tax Provisions), the opportunity has been extended to qualified distributions made until December 31, 2009. IRC Sec. 408(d)(8). Key points to keep in mind:

• The gift from the IRA must be made on or before December 31, 2009.
• 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. It can establish a new permanent endowment fund or be added to an existing permanent fund.
• Your IRA administrator must send the check directly to the Presbyterian Foundation or charitable organization to qualify.
• The gift can satisfy minimum required distributions, reducing reportable income.
• New Covenant Trust Company 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.

Sample Instruction letters are provided below
to assist you in making a gift.

Gifts that are made to the Foundation

Notice to Foundation of IRA direct transfer to add to endowment fund

Notice to IRA custodian to transfer funds to Presbyterian Foundation for gift

Notice to Foundation of IRA direct transfer to create a new endowment fund

 

Gifts that are made to a Church

Notice to IRA custodian to transfer funds to Church for gift

Notice to Church of IRA direct transfer