January 25, 2007
IRS Releases Rules on Retirement-Account Gifts
The Internal Revenue Service has published guidelines explaining a new law that offers tax benefits to donors who make gifts to charity directly from their individual retirement accounts.
Under the Pension Protection Act, which Congress passed in August, donors older than 70 may transfer up to $100,000 from their individual retirement accounts to charity in 2006 and 2007.
Although charities expect to reap as much as $1-billion in gifts from the law, confusion about how to
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