If you are age 70-1/2 or older, extended legislation now allows you to make cash gifts totaling up to $100,000 a year from your traditional or Roth IRA to qualified charities without incurring income tax on the withdrawal. This is good news for people who want to make a charitable gift during their lifetime from their retirement assets, but have been discouraged from doing so because of the income tax penalty. The charitable withdrawal counts toward your Required Minimum Distributions (RMD) for the year and must be made directly to the charity from your IRA administrator.

The original provision expired at the end of last year, but in October 2008, legislation was introduced to extend it through 2009. Therefore, you must act by December 31 to take advantage of tax year 2008. If you have questions or wish to make a gift to Wisconsin Public Television, please contact Diane Agans at (608) 265-4437 or diane.agans@wpt.org for more information.