The Pension Protection Act of 2006, scheduled to expire on December 31, 2007, created an outstanding opportunity for donors to make donations to charities of their choice from qualified distributions of their IRA accounts.
Through the end of 2007, those over age 70½ may direct the custodians of their IRAs to make distributions of up to $100,000 directly to a 501 (c) (3) organization (the Jewish Home). Although no charitable deduction is allowed, the transfers will count toward the owner’s required minimum IRA distribution for the 2007 tax year, and will not be subject to the usual tax. Distributions must be received by the Jewish Home by December 31st.
Donors may be able to take advantage of this unique tax provision while at the same time benefiting the many who are the recipients of the Jewish Home’s services. Donations can be directed to either Jewish Home Foundation, Jewish Home at Rockleigh, or Jewish Home Assisted Living. This is an outstanding opportunity to maximize your giving by making a gift toward the Kaplen Challenge Grant for Jewish Home Assisted Living (see related article, above). For more information, contact the Foundation office at 201-750-4231.
The Jewish Home Foundation of North Jersey, Inc. makes no claims in providing tax advice. Donors should consult with their tax or financial advisor on how these provisions affect their individual circumstance.