According an article in the Wall Street Journal, you have until the end of 2011 to transfer as much as $100,000 from an IRA to qualified charities without counting that money as taxable income, only if you are 70.5 or older.
It is unclear whether this tax provision will be extended beyond 2011, but there is a good chance that it will because of strong support from prominent charitable organizations. Some lawmakers are even considering making the provision permanent.
To qualify for this provision, your transfer must be directly made to charity, the key word being "directly." Charitable organizations are in favor of this provision because it has led to significant donations over the years.
Diana Aviv, who is president and CEO of a coalition of charities, said the provision has become popular for the wealthy as well as those in the middle-income bracket. Gifts have been pouring in from an array of donors, she said.
If you need assistance with your tax planning, you should consult with a Fort Myers tax planning attorney. An experienced tax planning attorney can help you take the proper steps to lower your tax bill, protect your business, and get your financial affairs in order.
Help from a Tax Planning Attorney in Fort Myers is Just a Phone Call Away
Fort Myers tax planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your tax planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions - 239-939-7100 or 844-764-5492.