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Tax-Free Gifts from IRA
Good News! Tax-Free Gifts from IRA Accounts Re-authorized!
Congress has re-authorized legislation that allows donors to make charitable gifts from their IRA accounts during tax years 2008 and 2009 without incurring income tax on the withdrawal. If you are age 70½ or older and are required to take minimum withdrawals this may be a great way to make a gift to one or more qualified charities. While you cannot claim a charitable deduction for IRA gifts, you will not pay income tax on the amount.
