New IRA Rollover

On August 17, 2006 President Bush signed into law the Pension Protection Act of 2006 (PPA 2006). The IRA Rollover provision of this Act may be of interest to you if you are at least 70½ and

• You are already giving at your 50% deduction limit; or
• Your income level causes the phase out of your exemptions; or
• You do not itemize your deductions; or
• Additional income will cause more of your Social Security income to be taxed.
• There is a $100,000.00 per taxpayer, per year limit.
• The law will be effective for distributions made after December 31, 2005 and before January 1, 2008.
• The donor may receive no economic benefit for having made the contribution.

The new IRA rollover provision allows gifts to be rolled over directly to charitable organizations like WPBT Channel 2 from a traditional individual retirement account (IRA) and be excluded from gross income. The Act makes the process simple and assures donors that their gifts will not increase their taxes.

If you would like more information about the new IRA rollover or other gift options, please contact your financial advisor or Bradley A. Hurlburt, Senior Vice President, (305-424-4004) or Ellen W. Oppenheimer, Director of Development (305-424-4022).