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A New Opportunity for IRA Owners
in 2006 & 2007
The Pension Protection Act of 2006, enacted in July 2006, does much more than protect the pensions of working Americans. It also includes provisions affecting charitable donations and their tax implications.
The Pension Protection Act of 2006 makes it possible for qualified individuals to donate more to their favorite charities before reaching the limit specified by the IRS. Persons of age 70½ or older will be allowed to make charitable donations of up to $100,000 from a traditional or Roth IRA to Pequot Library and other qualified institutions. The sum will not be included in their taxable income and therefore has no effect on any limitations imposed by the IRS based on AGI (adjusted gross income). These donations can also be counted toward the Minimum Required Distribution (MRD) for the donor’s IRA accounts. This new provision is in effect only in 2006 and 2007.
As always, be sure to check with your financial advisor before making any gifts to see if you qualify for this new benefit.
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Pequot Library functions as a town branch Library in the sense that it shares certain resources and a computer system with the main Fairfield Library and the Fairfield Woods branch. One major difference between Pequot and the two Fairfield libraries is that Pequot receives less than 30% of its funding from the Town of Fairfield and State of Connecticut. In contrast, Fairfield Main and Fairfield Woods receive more than 90% of their funds from the Town and State.
This means that one of the most important ways patrons and friends can help the Library is by contributing to the Annual Fund. Under the “Annual Giving” section of the website, you will find descriptions of the ways that individuals and organizations contribute to our operating expenses. The IRS refers to the “intangible benefits” received from a charitable donation. You, our supporters, can feel a tangible pride in helping to keep this remarkable institution moving forward, more vital than ever, in its second century of service.
Another important way you can help keep Pequot Library strong is by volunteering your time. Hundreds of volunteers help each year and can tell you what a rewarding experience it is. Many of our volunteering opportunities are related to our special events, and you can learn more about these events under the corresponding section of this website. Click here to visit the “Events Section”.
Please, join with us and help us make Pequot Library better than ever.
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