Contribute to charity from your IRA
The Pension Protection Act of 2006 allows seniors, 70½ and older, to transfer up to $100,000 from an individual retirement account to a qualified charity without paying any income tax on the donation.
Right now, this option is only available during 2007.
But lawmakers have introduced a bill to extend and expand this opportunity to show your generosity.
Known as "The Public Good IRA Rollover Act of 2007," the proposed legislation would make the tax incentive provision a permanent part of the tax code and expand the amount a person can donate.
It would also decrease to 59½ the age qualified IRA holders can make tax-deferred charitable donations from their accounts.
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