If you are age 70 1/2 or older, new legislation allows you to make cash gifts totaling up to $100,000. a year from your traditional or Roth IRA to qualified charities, like the Abbey, without being charged income tax on the withdrawal.

     Good news for those who want to make a charitable gift during their lifetime from their retirement assets, but haven’t done so because of the income tax penalty.

     The provision is effective for tax years 2006– 2007 only, so you must act by December 31st of this year to take full advantage.