IRS Clarification Regarding Charitable Donations

The IRS has issued a statement clarifying an otherwise confusing situation for retirees hoping to make charitable donations directly from an Individual Retirement Account (IRA). The confusion began when Congress extended the timeframe to make a 2010 charitable donation from your IRA. The deadline should have been December 31, 2010 –but recognizing that their own delays had caused problems, Congress extended the deadline to January 31 of this year. The IRA charitable donation is a popular rule, which had expired at the beginning of 2010, allowing taxpayers age 70-1/2 or older to donate up to $100,000 a year of IRA…

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