Charitable Donations From Your IRA

(Summer 2005) President Bush has proposed that a new provision be added to the IRA withdrawl rules. His proposal would be that taxpayers over age 65 could make contributions to tax-exempt organizations from their IRA without having to count the money as income (and thus pay income taxes on it).

Last year there were two similar proposals in Congress. The Senate version set the minimum age at 59 1/2 while the House version set the age at 70.

Update: This provision was established as part of TIPRA.

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Last update: 24 September 2006
© Richard Ogg, 2000-2012

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Janelle Ogg, EA
Richard Ogg, EA