For individuals 70 ½ and older, the fiscal-cliff legislation that Congress approved last week contains some welcome news: Congress has resurrected a provision that allows those taking required minimum distributions from IRAs to save on taxes while donating up to $100,000 to a qualified charity. And because the provision is retroactive to 2012, as well as covering 2013, it could effectively offer a do-over to some people who reduced their charitable giving because of cliff-related tax uncertainty.
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Anne Tergesen, SmartMoney Blog
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