The Sharon Academy

Do you or one of your close friends or family members have an IRA? If so, you may be interested to find out that the government recently (2006) passed a bill called the Charitable IRA Rollover that allows taxpayers age 70 and older to make tax-free charitable gifts totaling up to $100,000 per year from their traditional Individual Retirement Accounts (IRA) and Roth IRAs. And yes, you can make that donation to any non-profit of your choice.

Every year, taxpayers 70 and older are required to make annual distribution from their retirement accounts. The distributions are included in the taxpayers' adjusted gross income (AGI) and they pay taxes on them. The Charitable Rollover provision permits taxpayers to make donations directly to charitable organizations without counting them as part of their AGI, and therefore, do not have to pay taxes on them.

If you think you know someone who could benefit from this deal and who might be interested in making TSA a recipient of their gift, please contact Elly Boerke at 802-763-2500 ext. 118 or eboerke@sharonacademy.net.