Important Opportunity Thanks to Recent Legislation

A provision of the Pension Protection Act of 2006, signed into law in August, allows for individuals ages 70½ and older to make distributions directly from their Individual Retirement Accounts (IRA’s) to qualified charities, including UC. There is no charitable deduction for these gifts, but the donor also does not need to claim the distribution as ordinary income, making it a tax-neutral transaction.

Charitable distributions are limited to $100,000 per year per donor, and this provision is only in effect through December 31, 2007. There are other limitations as well, so be sure to consult with your professional tax advisor before making this or any other significant charitable contribution.

If you or someone you know meets the age requirement, and you are interested in making a difference for University Libraries, please call Peggy Wolf, Development Officer, at (513) 556-0055 for more information, or visit the UC Foundation Gift Planning Web site.

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