| Contribute to the Erie Lackawanna Dining Car Preservation Society
Through a One-Time-Only Law Allowing Distributions From Your IRA!
Did you know the Pension Protection Act of 2006 permits donors age 70 1/2 or older to make charitable gifts of up to $100,000 in 2007 directly from a Traditional or Roth IRA to 501(c)3 nonprofit organizations like the Erie Lackawanna Dining Car Preservation Society!
This is a one-time allowance that ends December 31, 2007, just in time for you to make a 2007 gift to our cause!
Gifts from your IRA to the ELDCPS will not generate taxable income, nor will you get a charitable income tax deduction. However, you will help the ELDCPS by supporting the restoration of their historic railcars and the education of the way rail travel once was with eloquent dining car service and Pullman accommodations. Learn about the men and women who provided this great service and were the back bone of rail travel and service from the 1950ites to the 1970ites.
Congress has given a small window of opportunity—donors have until the end of this year to complete a tax-free IRA transfer.
Making a Charitable Donation from an IRA to the FRM
If you are age 70 1/2 or older and wish to take advantage of this one-time charity allowance for tax-free donations from your IRA, please speak with your financial advisor immediately. The rules do not allow amounts to be withdrawn by the IRA account owner and then forwarded to the ELDCPS. You will need to request a check payable to the Erie Lackawanna Dining Car Preservation Society Inc.
Upon death, IRA accounts are subject to up to 79% taxes when you factor in income plus estate taxes. To whom would you rather give YOUR money?
For this year only, you can reap the benefits from making sure your hard-earned IRA assets go for charitable purposes rather than income and estate tax. And you can help preserver the heritage of travel by rail for future generations.
Please act today, and thank you for your support!
Joel E. Long, Treasurer ELDCPS
1-866-261-6703 (office)
717-314-8362
(home)
jlong@eldcps.org
This is not intended to be legal, accounting, or other professional
advice. For assistance in planning charitable gifts with tax and other
financial implications, the services of appropriate advisors should be
obtained. Consult an attorney for advice if your plans require revisions
of a Will or other legal documents. Tax deductions vary based on applicable
federal discount rates, which can change on a monthly basis. Some opportunities
by not be available in all states.
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