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Tips for Charitable Giving

IRS issues new guidance on IRAs, noncash and cash donations.

The IRS has issued a news release (IRS News Release IR-2008-138) that provides charitable donors with several tips. Here is a summary of what is covered:

Special Charitable Contributions for Certain IRA Owners

An IRA owner, age 70 1/2 or over, can directly transfer tax-free up to $100,000 per year to an eligible charitable organization. This option, created in 2006 and recently extended through 2009, is available to eligible IRA owners, regardless of whether they itemize their deductions. Distributions from employer-sponsored retirement plans are not eligible.

To qualify, the funds must be contributed directly by the IRA trustee to the eligible charity. Amounts so transferred are not taxable and no deduction is available for the amount given to the charity. Not all charities are eligible. For example, donor-advised funds are not eligible recipients.

Transferred amounts are counted in determining ...

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