A colleague of mine sent me the below info on two tax provisions which are scheduled to expire after December 31, 2009.  Here’s how they might impact you:

1.  For 2009 only, you have the option of skipping your required minimum distribution (RMD) from traditional IRAs and certain other qualified pension plans. This suspension of the RMD rules applies to distributions you would have had to take because you’re over age 70½ or are the beneficiary of an inherited traditional or Roth IRA.

If you took a distribution earlier this year and would like now to reverse it, you have the later of 60 days from the distribution date or November 30, 2009, to roll the money back into a retirement plan.

2.  If you’re 70½ or older, you can make a 2009 donation of up to $100,000 directly from your IRA to a qualified charity without treating the donation as a taxable IRA distribution. (Distributions from employer-sponsored retirement plans - including SIMPLE IRAs - are not eligible.)

No charitable deduction is allowed for the donation unless nondeductible contributions are transferred.  In that case, a charitable contribution deduction may be allowed if you itemize deductions on your tax return.

Charitable gift annuities allow donors to make a tax-deductible contribution and, in exchange, receive regular payments for the rest of their lives.  Ideally, about half the initial gift remains with the charity when the donor dies.

For donors 65 or older, gift annuities might seem like a smart option because they can yield between 5.3% and 9.5 - less than they could probably get from a commercial annuity, but appealing at a time when yields on five-year certificates of deposit and 10-year Treasuries are hovering around 3%.

However, the economic downturn could cause some charities, which typically back the annuities themselves, to have trouble meeting their pay-out obligations.  For example, if a charity goes bankrupt, creditors ahead of you in line could have a claim on assets intended to fund your payments.  Making matters worse, the gift is irrevocable — meaning you can’t get your money back if the charity runs into trouble.