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Jonathan Rich
National Director of Gift Planning |
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| Pension Protection Act Prompts Donelans' Gift |
In August 2006, President George W. Bush signed the Pension Protection Act that allows those who are 70Ŋ or older to make tax-free distributions from their IRAs to qualified charities like Ducks Unlimited. This opportunity was extended on October 3, 2008 for the rest of 2008 and all of 2009. These gifts can be any amount you choose up to $100,000 per year. For married couples, each qualifying spouse can make up to a $100,000 gift annually to the charity of their choice.
Some of the advantages of the Pension Protection Act include:
- Gifts from IRAs to qualified charities incur no taxes.
- IRA gifts benefit even those who donšt file itemized returns because the effect of giving an IRA gift is the same as a 100 percent tax deduction without the hassle of itemizing.
- For high earners, a gift from your IRA can reduce your income, thereby helping to reduce the negative impact of Social Security taxes, the phase-out of itemized deductions, the application of the alternative minimum tax, the deductibility of medical expenses, and the child tax credit.
If you do itemize your deductions, the Charitable IRA Rollover Gift allows you to give more. You are still able to make your charitable gifts up to the applicable charitable contribution limits of 30 percent or 50 percent of your contribution base, while also making a gift from your IRA account that does not count toward your contribution limits.
There is still an opportunity to make a gift from your IRA, but time is running out. Unless this legislation is extended again, it will expire at the end of 2009. IRA gifts take some time to process, so please call Jon Rich today at 901-758-3763 or 800-45-DUCKS or e-mail him at jrich@ducks.org. He can assist you with your gift planning and giving.
Patty and Jim Donelan of Fremont, Nebraska, have been involved in Ducks Unlimited for more than 50 years. They have been members, volunteers, donors, and now Major Sponsors at the Benefactor level ($250,000-$499,999).
The Donelans read an article in a recent issue of Ducks Unlimited that illustrated how easy it is to make a gift to DU through your individual retirement account. That article motivated the Donelans to give a $100,000 gift in support of Ducks Unlimitedšs work in Nebraskašs Rainwater Basin.
Longtime waterfowlers and outdoors enthusiasts, the Donelans made their gift in honor of their 50 years of marriage and with the full support of their two sons and their families. They are pleased to join the ranks of DUšs Major Sponsors and receive comfort knowing that their gift will benefit North Americašs waterfowl and other species that share the same environment.
For more information about the Pension Protection Act and how you can make a significant gift to Ducks Unlimited, call 901-758-3763.
For more information please select one of the following options:
1. If you would like to receive more information on the benefits of an IRA gift click here.
2. To learn more about making an IRA gift, you may print a brochure. Click Here.
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