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Two tax provisions that could affect you are scheduled
to expire after December 31, 2009. Here's a quick review.
* For 2009 only, you have the option of skipping your required
minimum distribution (RMD) from traditional IRAs and certain other
qualified pension plans. This suspension of the RMD rules applies
to distributions you would have had to take because you're over
age 70½ or are the beneficiary of an inherited traditional or
Roth IRA.
If you took a distribution earlier this year
and would like now to reverse it, you have the later of 60
days from the distribution date or November 30, 2009, to roll the
money back into a retirement plan.
* If you're 70½ or older, you can make a 2009 donation of up to
$100,000 directly from your IRA to a qualified charity without
treating the donation as a taxable IRA distribution. Distributions
from employer-sponsored retirement plans - including
SIMPLE IRAs - are not eligible.
No charitable deduction is allowed for the donation unless
nondeductible contributions are transferred. In that case, a
charitable contribution deduction may be allowed if you itemize
deductions on your tax return.
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