The recently passed Pension Protection Act of 2006 provides a new giving option for those who wish to help grow our organization's endowment fund. Through this new legislation, individuals with traditional and Roth IRAs can now make direct transfers from such plans to Planned Parenthood Golden Gate through 2009 without having to take such distributions into their taxable income.
Some qualifications apply:
- Individuals must be 70-1/2 or older on the date of the gift.
- Individuals may give up to $100,000 per year without having to count the distribution / charitable gift as taxable income, but there is no income tax deduction for the gift.
- Charitable gifts must be made outright to the endowment fund by the IRA plan administrator. Lifetime income gifts and gifts to donor-advised funds and supporting organizations do not qualify for this incentive.
Given these parameters, the charitable rollover provision provides the most opportunity for those who are required to take their required minimum distributions from an IRA, but would prefer to direct it to charity instead. These individuals may have either maxed out on tax deductions or don't itemize.
Giving to our endowment will help sustain Planned Parenthood Golden Gate to make sure that we continue to be the leader in providing reproductive health care services and protecting CHOICE for generations to come.
For more information about giving to our endowment fund, please contact Johnetta Stevens (415) 441-7858 extension 7216. You may also wish to contact your financial advisor.
