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Nov 29, 2006 12:00 PM
IRA Opportunity
Here's an excellent, time-limited option for your clients who are 70 1/2 years and older.
Act quickly. This year and next, there’s a chance for people who are at least 70½ years old to donate funds from their individual retirement accounts (IRAs) directly to charities without incurring income tax on the donation. Section 1201 of the Pension Protection Act of 2006, P.L. 109-280, Aug. 17, 2006.
But those who are eligible this year must act before Dec. 31; and those who are eligible next year have until Dec. 31, 2007. After that, the window of opportunity slams shut—until Congress revisits the issue. (And how likely will that be in the run up to the presidential election in 2008?)
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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