OPPORTUNITY
IS
KNOCKING!
TAKE ADVANTAGE OF THE PENSION PROTECTION ACT OF 2006
A note to our Parishioners and Friends who are age
70 ½ or older and are considering a contribution to
your Parish and the Annual Catholic Appeal.
As part of the major rewrite of pension laws, a new
bill passed by Congress and signed by President Bush
allows taxpayers, age 70 ½ or older, with
“well-funded” traditional IRAs, to donate up to
$100,000 from their Individual Retirement Accounts
tax free each year to charitable causes. It was
effective for “qualified charitable distributions”
made in tax years 2006 and 2007 and has been
extended through December 31st, 2008. Since
people older than 70 ½ are required to take minimum
distributions from their IRAs, which are taxed under
current rules, it makes philanthropic and economic
sense to gift some or all of your minimum
distribution to a qualified not-for-profit
institution, such as the Alive in Hope Foundation or
you could also create a new fund to perpetually
endow your appeal gift or establish a fund to
benefit a ministry, school, scholarships or parish.
This law offers donors to the Diocese an
important opportunity to make significant gifts that
they may not have felt able to make. Such gifts
can provide substantial support for the Diocese, its
schools, ministries and parishes.
For more information, we suggest that you contact
your financial advisor or call the Alive in Hope
Foundation Office 718-965-7375. Thank you.
