Sept 1 , 2006:
The Pension Protection Act of 2006 allows people 70 1/2 and older to give up to $100,000 from their IRA to charity in 2006 and 2007 and not pay taxes on it.
January 1, 2007:
The annual gift tax exclusion to any person remains at $12,000 for 2007.
Do you have an under-performing asset and a desire to benefit your favorite cause? Take a look at a simple planning option that could significantly boost your income and give you a warm feeling in your heart.
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The Pension Protection Act of 2006 allows a limited window of time to move funds directly from your IRA to the charity of your choice with no tax consequences. Read the rules...
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If you are over 70 ½, have an IRA and are charitably inclined, a new law allows you to make a substantial gift from your IRA—tax free. But currently there is a narrow window of opportunity.
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