Once again.. this is a preview of what is currently under discussion. It is NOT law, and should not be looked at as political, legal, or financial advice. This is only a brief look at some of the currently debated act, as it impacts our senior clientele.
Tax Free Distributions to Charity from IRA Account
Continuing on the theme of philanthropy, if approved, there will continue to be opportunity to make charitable contributions from your retirement account without attracting a tax penalty.
The bill if approved in its current form extends through 2011 the provision that permits tax-free distributions to charity from an Individual Retirement Account (IRA) of up to $100,000 per taxpayer, per taxable year. The bill allows individuals to make charitable transfers during January of 2011 and treat them as if made during 2010.
To Be Continued…
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