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GOOD NEWS! Tax-Free Gifts from IRA Accounts Re-authorized!
On October 3, 2008, Congress re-authorized legislation that allows donors to make tax-free gifts from their IRA Accounts. If you are age 70½ or older and are required to receive minimum distributions from your IRA and you do not need the money for personal use, you can make gifts totaling up to $100,000 a year from your traditional or Roth IRA to qualified charities. If you and your spouse each have an IRA account, you can each make a maximum $100,000 gift. While you cannot claim a charitable deduction for IRA gifts, you will not be required to pay income tax on the amount. The legislation covers IRA gifts made in tax years 2008 and 2009. For a detailed explanation, click here.
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