Are You Old Enough?

by Jimmy Richardson

Because of the Pension Protection Act of 2006, if you are over 70 ½, you are eligible in 2007 only to make an IRA charitable rollover of any amount up to $100,000. Why not donate your Minimum Required Distribution for 2007 to Asbury in this way and avoid paying taxes on it? A donation like this might even lower your federal and NM income tax due by lowering your taxable income and thereby lowering the tax due on your Social Security income. All it takes is a request from you to your IRA custodian to make a direct charitable distribution to Asbury prior to December 31, 2007. You may, of course, use this to satisfy your 2007 pledge or make a designated offering. You don’t have to itemize deductions to get the tax savings; in fact, you cannot deduct the donation because it isn’t included as income. You should check with your tax advisor to see your exact benefit from this special opportunity. Call the New Mexico Conference Methodist Foundation at 255-8786, or me at 296-8787 for more information. See the following links for a sample letter for you can send to your IRA custodian.

Sample Letter Template(Microsoft Word)
Sample Letter Template(PDF)

For more information contact Kelly in the church office.