End-of-year Donation Opportunity

Are you 70½ with money in an IRA? If so, a law signed in 2006 provides a great opportunity for you to make those dollars stretch when you "direct transfer" (donate) as much as $100,000 from your IRA to your favorite non-profit during fiscal year 2006 or 2007.

Depending on the amount of the tax free distribution, it will apply 100% to the Required Minimum Distribution requirement for the donor. According to Julie Tripp of The Oregonian, “You don’t get a tax deduction, but you don’t have to pay tax that otherwise would be owed on required distributions.”    Tripp also points out that, under current laws, 75% of an IRA can end up going to taxes if parents pass the money on to their heirs.  Please consult your tax advisor for the details! And support Bend Area Habitat!