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Tuesday, December 21, 2010

Making Charitable Contribution From IRA Account

The recently signed bill extends through 2011 a provision that allows seniors who are 701/2 or older to donate up to $100,000 from their individual retirement accounts to charity.  The contribution is not tax deductible, but the withdrawal won't be included in the IRA owners's taxable income for the year.  That feature has made the provision particularly popular with seniors who do not have enough deductions to itemize.

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