Tax-free Gift Opportunity Deadline Approaching


If you are age 70½ or older, time is running out on a special opportunity for you to make a tax-free gift to the Women’s Center & Shelter.  Earlier this year, Congress extended the Pension Protection Act of 2006 through December 31, 2009, allowing individuals aged 70½ or older to make direct distributions from their individual retirement accounts (IRAs) to qualified charities.  For this short time only, an IRA distribution to WC&S does not have to be reported as taxable income for federal income tax purposes.  Furthermore, the distribution will count towards your annual minimum distribution requirement.

Retirement funds are among the most highly taxed assets in an estate and therefore make the one of the best options to use when making a charitable gift – a gift from your IRA can help you avoid both income and estate taxes. 

If you think a direct IRA transfer is an effective way for you to make a gift to WC&S this year, please talk to your advisors and then contact your IRA custodian to transfer the desired amount to the Women’s Center & Shelter.

Limitations:

  • Must be age 70 ½ or older;
  • Maximum gift amount is $100,000;
  • Restricted to traditional or Roth IRAs.  Pension, profit sharing, 401(k), 403(b) and other forms of retirement funds do not qualify;
  • Deadline is December 31, 2009.

Barbara Nicholas, Development Director, is available to help you each step of the way in making a gift by direct distribution from your IRA.  Please call or email Barbara at 412-687-8017 ext. 331 or nicholasb@wcspittsburgh.org

Women’s Center & Shelter of Greater Pittsburgh is a 501(c)(3) nonprofit organization – donations to which are tax deductible to the fullest extent permitted by law. The official registration and financial information of the Women’s Center & Shelter of Greater Pittsburgh may be obtained from the Pennsylvania Department of State by calling toll free, within Pennsylvania, 1-800-732-0999. Registration does not imply endorsement.

Copyright 2009 Women's Center & Shelter of Greater Pittsburgh