If you are 70 1/2 and have an IRA, consider making a gift to The
Healing Place directly from these funds. Gifts given in this
way are not taxed as income to you and offer a way to make
completely tax free gifts.
We would like to thank our many donors who took advantage of the
IRA Rollover benefit and contributed to The Healing Place through
their Individual Retirement Accounts (IRAs).
Owners of Individual Retirement Accounts are required by law to
take a minimum yearly distribution from their IRAs when they reach
age 70 with the amount of distribution varying depending on IRA
value and age of the owner. In many cases, this mandatory
distribution will trigger required payment of additional federal
income taxes.
However, thanks to the Pension Protection Act of 2006, Healing
Place supporters decreased their taxable income by donating all or
part of their required distribution (up to $100,000) directly to
The Healing Place. Not only did they reduce their tax burden,
but they also made a significant investment in our nation's
future.
If you missed the opportunity in 2010 or would like to take
advantage of this opportunity again, there is still time.
If you are eligible to take advantage of this extraordinary tax
incentive, please consider direction your IRA administrator to
transfer some or all of your required distribution to The Healing
Place.
Forms for completing the transfer are available from The Healing
Place Development Office; contact Jay Graham at (502) 585-4848 ext.
228.