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Knowing they had a bill they believed had to pass, Congressional lawmakers added a number of unrelated provisions to the Emergency Economic Stabilization Act of 2008 (H.R. 1424) (aka the "Bailout Bill"). These included some 290 changes to the tax code, some of which had been languishing in Congress for months. Among the tax changes, Congress extended the ability of people over age 70 1/2 to contribute an IRA distribution of up to $100,000 to charity and exclude the amount from income. IRA holders can now take advantage of this charitable donation provision until December 31, 2009. For an earlier ElderLawAnswers article on this tax provision when it first took effect, click here.
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