11/1/11 IRA Charitable Rollovers  Are you currently age 70 ½ or older and taking required minimum distributions (RMD) from your individual retirement account (IRA)? If so, 2011 may be the last chance for you to take advantage of an up-to-$100,000 annual exclusion from gross income for what would otherwise be taxable IRA distributions. If you make a distribution from your IRA to charity, the distribution is not included in gross income and the charitable contribution is not subject to the charitable contribution percentage limits. Since many IRA owners take the RMD during the 4th quarter of each year, if you have not taken your RMD yet, let us know if you want to discuss the benefits of giving part or all of your 2011 RMD to charity. By transferring part or all of your RMD to charity, you will have a lower taxable income. This could both simplify your tax return and reduce income taxes. Call us if you would like to discuss taking advantage of this unique tax savings opportunity in 2011. This tax break has been extended several times and we are currently not optimistic about another extension. Back to home