1	WHAT YOU SHOULD KNOW ABOUT YOUR IRA Timothy A. Nordgren Brady, Nordgren, Morton & Malone, PLLC (919) 573-1415 www.bradynordgren.com
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29	ROTH IRA (Continued) Maximum amount you can contribute to a Roth IRA is reduced by amounts contributed to a Traditional IRA and employee contributions to certain pensions plans. Contributions to 401(k) plans or 403(b) plans do not reduce the amount you can contribute to a Roth IRA.
30	CONVERSION TO ROTH IRA AFTER 2009 Can convert from a Traditional IRA to a Roth IRA regardless of Modified AGI and Taxpayer Filing Status (can convert if married filing separately). For example, a taxpayer with Modified AGI over $100,000, and who is married filing separately, can convert to a Roth IRA after 2009.
31
32
33
34
35
36	The Pension Protection Act of 2006 Allows for “Qualified Charitable Distributions” from an IRA. Applies to Traditional IRAs and Roth IRAs. Donor must be age 70 ½ or older at the time the gift is made. Transfer must go directly from the IRA to charity.
37	Qualified Charitable Distributions (continued) The charitable cannot exceed $100,000 per taxpayer per year. Must be outright gift/Donor receives no benefit (No CRTs or Gift Annuities). Gift must occur in 2006 or 2007. No charitable deduction allowed.
38	Qualified Charitable Distributions (continued) Amount distributed to charity deemed to come first from taxable portion of IRA (deductible contributions and earnings) before non-taxable portion (non-deductible contributions). Charitable Transfers count towards Donor’s Required Minimum Distribution.
39