I heard there’s some kind of a special “deal” for charitable contributions from an IRA. What’s that all about?
Persons aged 70½ or older, whether or not they itemize deductions, are eligible for special treatment. There must be a direct transfer of money from the IRA to the charity. The maximum amount that an IRA owner may transfer annually is $100,000. Transferred amounts are counted in determining whether the owner has met the IRA’s required minimum distribution rules. Under these circumstances, there is no income tax on the transferred amount.
