A New Giving Opportunity

The Pension Protection Act of 2006, signed into law this past August, included a provision allowing a Charitable Rollover Gift to non-profit organizations. You might be able to make such a gift - here is how:

• The giving opportunity is in effect until December 31, 2007.
• Donors must be 70 ½ or older on the date of distribution in order to participate.
• The distribution must be made to a qualified 501 (c) (3) non-profit organization and your parish, the Catholic Foundation and the Annual Pastoral Appeal meet that qualification.
• Donors may count the amount of the distribution made through the IRA Charitable Rollover towards the Retired Maximum Distribution for tax-deferred retirement accounts in that year and exclude that amount from their gross income, allowing for tax savings through income reduction.
• A Roth IRA distribution may also be made, but since there is no income tax on the distribution, there is no tax saving. • The Internal Revenue Service does not consider this a charitable contribution.• The transfer must be made from your IRA directly to the charity, otherwise it will be declared as income - consult your IRA administrator to ensure correct transfer procedures.
• The distribution is limited to a maximum of $100,000 per year per person. A spouse can also make a gift from their IRA subject to the same provisions and limitations.
• Your distribution may be made to the Catholic Foundation of the Diocese of St. Petersburg for ease of transfer, and be directed as you wish to your parish, a particular ministry or the 2007 Annual Pastoral Appeal. As with this and other tax matters, please call upon your tax advisor for appropriate counsel before making a gift decision.

An IRA Charitable Gift Rollover may have tax advantages for you and provide critical support for your parish, and/or other critical ministries.

For more information or assistance please call:
Joe Odda
Planned Giving Manager, Catholic Foundation
(727)-374-0204