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People Reaching Out To Other People, Inc

Tax-Savings Opportunities

The IRA Charitable Rollover: Recent legislation allows people aged 70 1/2 or older to transfer distributions from their IRA's to qualified charitable organizations such as PROP. The benefits of the IRA Charitable Rollover include the following:
  • The individual avoids receiving the required distribution and paying income (and estate) tax on it by transferring the distribution directly to an eligible organization in 2006 and 2007.
  • The charitable distributions count toward minimum distribution requirements (RMD's).
  • The distribution does not generate taxable income or a tax deduction, so even those who do not itemize deductions receive the benefit.
  • The gifts may be made in addition to any other charitable giving.
  • Donors may transfer up to $100,000 directly from their IRA's.
Appreciated Shares of Stock
Persons under or over age 70 1/2 may continue to receive the benefits of donating appreciated shares of stock:
  • A deduction is available for the fair market value of the shares.
  • The individual is not required to report any investment gain on shares that are donated.
Note: The above comments are general guidelines. You would want to consult your tax counsel for complex individual situations. If you are interested in making a gift from your IRA or of appreciated stocks or mutual funds using one of these vehicles, please contact our director, Anne Harnack.

Have questions? Need help?

PROP would be glad to help you; simply contact us by phone at (952) 937-9120. Participants who are deaf or hard of hearing may contact us by phone through MN Relay by calling 1-800-627-3529.

PROP
8080 Mitchell Road, Suite 102
Eden Prairie, Minnesota 55344
Phone (952) 937-9120

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