Recently, Congress extended the Pension Protection Act. This extension allows people over the age of 70 to make contributions from their IRA or Roth IRA to charity. Each donor must be at least 70 1/2 years old when the donation is made. The maximum donation allowed is $100,00 dollars per person. The gift is not subject to the 50% adjusted gross income (AGI) limitation and can be made as part of the required minimum distribution.
Because of the poor economy, animal charities are suffering. The hight rate of foreclosures leaves both animals and humans homeless. Shelters are struggling to care for a large number of animals. Sadly, this burden is growing at the very time animal non-profit donations are dropping.
Since this opportunity will end for tax year 2008 on December 31st (it will also be available in 2009), I encourage everyone to review their financial situation with a tax and/or financial advisor. If you are able and fit the required criteria, I encourage you to consider a donation to a worthy animal charity. If you do not match the criteria for an IRA or Roth gift, you can still help by spreading the word. Tell your friends and family about this unique opportunity before it expires for this tax year.
Note: The above is provided for informational purposes only. Neither Kristen L. Nelson, D.V.M., nor Veterinary Creative, L.L.C. offer tax, legal or financial advice. You are advised to consult a tax, legal or financial specialist regarding your personal situation.