By Natasha Robinson ’04,
PP55 Development Officer
Princeton Project 55 received more than $20,000 in 2008 through charitable donations from IRA funds. Four members of the Class of ’55 generously chose to take advantage of the opportunity generated through the two-year extension of the Pension Protection Act of 2006 (PPA).
Individuals age 701⁄2 or older may make gifts directly from an IRA account to Princeton Project 55 and other qualified organizations without being subject to federal income tax on the IRA withdrawal. This extension is available through December 31, 2009, with a maximum gift level of $100,000.
IRA gifts are most appropriate for individuals who do not need the income from their Minimum Required Distribution; have a taxable estate and wish to avoid the “double taxation” of inherited IRAs; do not itemize their deductions on tax returns; are subject to the Alternative Minimum Tax; or have been phased out of other deductions and exemptions because of high income.
For more information about the extended Pension Protection Act or other gift planning strategies, please contact Natasha Robinson,Development Officer, at (609) 921-8808, x7 or firstname.lastname@example.org.