The Pension Protection Act has been extended! The Emergency Economic Stabilization Act of 2008 includes an IRA Charitable Rollover Extension that is retroactive, applying to distributions made throughout both 2008 and 2009 tax years. This provision allows taxpayers 70 ½ or older to make tax-free distributions from their traditional and Roth IRAs directly to nonprofit organizations in 2008 and 2009. This is better than an income tax deduction; the amount is excluded from your gross income.  To enjoy the full benefit of this opportunity this year, you must complete this year's transfer prior to December 31. Please work with your financial consultant, banker, attorney or tax professional to determine how you can benefit from the Act.