Monday, June 11, 2007

The Enquirer - How to give away part of an IRA

The Enquirer - How to give away part of an IRA: "Before the gift can be made, the withdrawal from the IRA has to be reported as ordinary income, possibly increasing state income tax, exposure to the federal alternative minimum tax and the itemized-deduction phase-out.

There are limits on the amount one is allowed to deduct as charitable gifts in one year.

However, the law allows in 2007 a special charitable rollover from IRAs"

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