A new tax incentive for IRA Gifts!

You can make a gift to Volunteers of America of Pennsylvania with a distribution directly from your IRA thanks to a provision in the Emergency Economic Stabilization Act of 2008.  This is wonderful news for our donors who want to make a charitable gift during their lifetime from their retirement assets. 

The Act allows you to use IRA distributions as gifts to Volunteers of America in 2008 and 2009 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 have attained the age of 70 1/2 or older to make your gift from a traditional IRA or Roth IRA.
  
• The transfer must go directly from your IRA administrator to Volunteers of America of Pennsylvania. When you make a gift in this way, you can avoid taxes on the distribution to Volunteers of America. 
  
• The maximum amount you can transfer each year is $100,000 per taxpayer.

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

Making an IRA gift is easy. Simply contact your IRA administrator and notify our office of your plans so we can ensure proper transfer and receipting of your gift.

We encourage you to contact our office at 717-236-1440, or email Jim Ingolio at jingolio@voapa.org with questions regarding any gifts from retirement plans.