Friday, January 21, 2011

Wall St. Journal: Tax Break Returns for IRA Giving

Anne Tergesen wrote a January 16th article titled, "Tax Break Returns for IRA Giving," in which she starts the piece:

"If you're age 70½ or older, the tax bill enacted Dec. 17 contains some good news: Uncle Sam is temporarily resurrecting a popular tax break available to those who make charitable donations from their individual retirement accounts in 2011. The benefit can also be used retroactively for 2010 -- but only if the charitable donation is made by the end of January."

Ed Slott is quoted as saying, "Everybody who is charitably inclined will fare better." And Slott is quick to point out that in order to take advantage of the new provision you should instruct your IRA custodian to issue a check directly to the "public" charity.

CLICK HERE to read the entire article on the Wall Street Journal's website.

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*Copyright 2011 Ed Slott and Company, LLC