Date posted: September 3, 2009
I'm 72 years old. Is the tax break for transferring IRAs to charity available this year?
I'm 72 years old. Is the tax break for transferring IRAs to charity available this year?
— Submitted by Shirley
Yes. Those who are age 701/2 and older can transfer up to $100,000 from their IRA directly to a public charity in 2009. The transfer is tax free.
You can use this rule in 2009 even though there are no required minimum distributions (RMDs) this year. The suspension of RMDs means that there are no mandatory withdrawals, but you can still withdraw as much as you wish from your account this year, including the rollover to charity.
