That Last Minute Donation

Today is the last day to take advantage of the special provision created for traditional Roth and IRA retirement programs, which allows individuals to withdraw up to $100,000 and contribute it to a 501 (c)3 nonprofit organization. The Pension Protection Act 2006 is scheduled to expire at the end of this year. It allows individuals age 70 1/2 and older to give the amount they are required to withdraw or any other amount up to the $100,000 to a nonprofit organization without worrying about normal deduction limitations, additional taxes or Social Security benefits, state income taxes or other adverse tax consequences that otherwise might apply. If you are in a position to do so, go for it!--Arnold Clickstein