Special opportunity to save animals (and taxes!) for those 70½ years of age or older!

Do mandatory withdrawals from your IRA account cause your social security income to be more heavily taxed? If you are 70½ years of age or older, recent Congressional action has made it possible for you to support PETA's programs for animals while reducing your tax liability.

The Emergency Economic Stabilization Act of 2008 includes provisions so that caring people with a traditional IRA may instruct the trustee to distribute up to $100,000 directly to charities without including the distributions in taxable income, and any distribution will count toward the IRA owner's mandatory withdrawal amount.

Such a gift to PETA would not be recorded as income by the donor, and it would therefore not be taxable.

For many people, making a gift to PETA from IRA assets in 2008 and 2009 under this law and using other assets to cover personal needs would make great financial sense.

To qualify for IRA rollover treatment, the donor must be at least 70½ years old and also direct the IRA manager to transfer funds directly to PETA. A withdrawal followed by a contribution to PETA would not qualify, and the full amount would still have to be reported as income.

Please consider speaking to your financial advisor about this opportunity and the possible benefits based on your particular situation. A check made out to PETA by your IRA manager could be one of the best ways to help animals in 2008 and 2009.