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The U.S. House of Representatives has moved forward H.R. 4123 – now know as the “American Jobs and Closing Tax Loopholes Act of 2010″ – which includes an extension to the end of 2010 of the Internal Revenue Code rule permitting IRA owners to make tax-free donations directly to charities. Read our description of the rule [...] It’s a terrific time to be generous. With demand for charity services up, and donations to charity down, charities need our support now. Interested in donating to a charity before year-end? Have money in your IRA that you can give? Until December 31, 2009, you can donate to that charity directly from your IRA totally tax-free! Come January 1, this rule is gone. Read the details. When choosing which assets to leave to which heirs, think of charities first for IRAs and other retirement plans. No one will benefit more as a beneficiary of your retirement plan than a charity (make sure it’s a Qualified Organization): Charity beneficiaries don’t pay income taxes on IRA or other retirement plan distributions. If you are 70½ or older you can donate from your IRA directly to the qualified organization of your choice – tax-free! This special rule, originally passed by Congress in 2006, was extended in October 2008 (§205 of H.R. 1424, the Emergency Economic Stabilization Act of 2008). The extension applies to the 2008 and 2009 [...] |
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