Can charitable contributions be made from my IRA thus contributing before tax dollars?

Question

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Answer 1

No, but why would you want to cut into your IRA money anyway? As soon as the money comes out you'd pay taxes on it anyway, so the dollars would only be untaxed if you itemize - and if you do, you get the deduction anyway.

And if you're under 59-1/2, you'd be paying a penalty to take the money out in addition to paying the tax.

Answer 2

Only if you are older than 70.5.

It is called a "charitable IRA" and was just recently instituted with some new legislation (August 17th Pension Protection Act I do believe).

Oh, you won't receive a tax deduction for the charitable IRA donations.

Answer 3

I think this illustrates the danger of thinking in catchphrases rather than understanding the issues. Of course it makes no sense to make charitable contributions using tax deferred funds. Make the contribution from free cash, deduct that, and leave your IRA alone!