Giving IRA Income

Congress Makes Charitable Giving Easier

You can make a gift to Volunteers of America of Pennsylvania with a tax-free distribution from your IRA thanks to a provision in the Pension Protection Act.

The Act allows you to use IRA distributions as gifts to Volunteers of America in tax year 2007 without creating new income to report or taxes to pay.

To qualify for an IRA rollover gift that is federal and state income tax-free:

You must be at least 70 1/2 when you make your gift from a traditional IRA or Roth IRA.
The transfer must come directly from your IRA administrator.
The maximum amount you can transfer each year is $100,000 per year per taxpayer.

If you choose, these gifts from your IRA can even be used to satisfy annual IRA minimum distribution requirements.