Under the Pension Protection Act (PPA), individuals can contribute any amount up to $100,000 from their Individual Retirement Accounts to the Darien Historical Society (or other qualified charities) tax free.
The IRS requires that individuals make a mandatory minimum annual distribution from their IRA’s once one has turned 70 ½ and then do this every year for the rest of his/her life. This is called a Required Minimum Distribution. Many people do not want or need to remove these amounts, but the IRS requires that they do so and the distribution is subject to income tax.
Under the PPA individuals can have a direct distribution made from their IRA to the Darien Historical Society or other qualified charities and count that distribution toward satisfying their Minimum Distribution Requirements.
Please consult a tax professional to determine whether a direct IRA distribution to the Darien Historical Society is right for you.
Thank you for your consideration.
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