If you have celebrated your 70th Birthday this news is for you!

Individual Retirement Account (IRA) owners age 70 ½ or older are permitted to directly transfer tax-free, up to $100,000 per year to an eligible charity.
Notice 2007-7 clarifies several issues related to this position.

New Tax Break for IRA Owners

• An IRA owner, age 70 ½ or over, can directly transfer tax-free, up to $100,000 per year to an eligible charitable organization. The option is available in tax years 2006 and 2007. Eligible IRA owners can take advantage of this provision, regardless of whether they itemize their deductions. Distributions from employee-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans are not eligible.
• To qualify, the funds must be contributed directly by the IRA trustee to the eligible charity. Amounts so transferred are not taxable and no deduction is available for the amount given to the charity.