The option to gift charitably from your retirement account has been extended through 2011. This tactic is available only to those individuals that are age 70 ½ and who are already receiving required minimum distributions. The gift counts toward your required minimum distribution, but does not increase your taxable income – so no taxes to pay. You cannot, however, deduct the gift as a charitable contribution. Total gifts cannot exceed $100,000 and must be made directly to the charity from your retirement account.
If you are interested in gifting from your retirement account, please contact your advisor.
Barbara Gray, CFP®