Pension Protection Act Charitable Contribution Provision Extended Through December 31, 2009
The ARRL Development Office notes that legislation was signed on October 3, 2008 in conjunction with the Economic Stimulus Bill of 2008 to include the immediate and retroactive extension of the popular charitable contribution provision of the Pension Protection Act (PPA) of 2006. Effective immediately, certain IRA holders (aged at least 70-1/2) may give something back to Amateur Radio by donating to the Spectrum Defense Fund, the ARRL Education & Technology Fund or the ARRL Diamond Club. The Diamond Club provides flexible funding for a variety of programs not supported by member dues.
"The charitable provision for contributions directly from an IRA to the ARRL means that individuals who are at least 70-1/2 and wish to support nonprofits of their choice may use IRA or Roth IRA assets as a convenient, tax-efficient way to make contributions," ARRL Chief Development Officer Mary Hobart, K1MMH, points out. "Contributions must be made directly from the IRA to the organization, not to a donor-advised fund, gift annuity or trust." Hobart says contributions of up to $100,000 may be made annually during each of the next two years -- by December 31, 2008, and next year by December; 31, 2009. "A direct contribution from an IRA to a qualified organization is excluded from income," she emphasizes. "I hope that donors will take advantage of this renewed giving opportunity in 2008 -- and again next year!"
Hobart urges prospective donors to consult with their financial advisor before taking advantage of this opportunity. Contact Hobart via e-mail or by phone at 860-594-0397 for more information.