The IRA Gift – Doing Good While Saving Taxes
The increase of the standard deduction in the tax act passed at the end of 2017 resulted in far fewer taxpayers itemizing their deductions, eliminating the tax savings for charitable donations for those non-itemizing donors. But there is good news for donors 70 ½ or older. The “Qualified Charitable Distribution (QCD), sometimes called the “IRA Charitable Rollover,” can provide you the same tax benefit as an itemized deduction for those who no longer itemize because QCD gifts are not included in your income.
