For some, IRA charity rule’s a lucky break

by, Anne Tergesen, SmartMoney Blog

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.