Benefits of Qualified IRA Distributions
The Pension Protection Act of 2006 allows for Individual Retirement Account (IRA) Owners who are 70½ or older to make a lifetime charitable gift without tax obligations.
Individuals may contribute IRA funds to the Fairfax County Park Foundation during their lifetime without including the mandatory distribution amount to their income, thereby lowering adjusted gross income.
The Park Foundation has received IRA Distribution Gifts from Fidelity Brokerage Services LLC; Vanguard; Charles Schwab; National Financial Services LLC; Ameriprise Financial and similar entities.
The Pension Protection Act of 2006 states that you may contribute funds from your IRA if:
- You are age 70½ or older.
- The gift(s) do not total more than $100,000 annually.
- The gift is made on or before December 31 to qualify for that calendar year.
- Funds are transferred directly from an IRA or Rollover IRA.
- Gifts are made to a qualified charity, such as the Fairfax County Park Foundation.
Making the charitable gift from your IRA is simple. Just follow these three easy steps:
- Contact your financial planner who will prepare a form letter.
- Send original letter to your IRA custodian.
- Send a copy of the letter to notify the Fairfax County Park Foundation, which will recognize your gift made for any park or approved project.
Discuss this and other giving methods with your attorney, accountant or other financial advisor. Qualified distribution gifts can have significant tax benefits for retirement account owners as well as your Fairfax County parks!
The Fairfax County Park Foundation may be named as a beneficiary of a retirement account.
For more information or to inform us of your decision to include the Fairfax County Park Foundation of an IRA Gift or inclusion in your estate plans, contact:
Roberta A. "Bobbi" Longworth, Executive Director
Fairfax County Park Foundation
12055 Government Center Parkway, Suite 404
Fairfax, VA 22035
703-324-8581
Email
This information is not intended as tax or legal advice. Please consult with your attorney or financial advisor.