We are fast approaching the time of year for charity donations and IRA withdrawals. Those who are 70½ or older will discover definite advantages to contributing money to a qualified charity directly from your IRAs.
The IRS provided this easy way to escape paying taxes on our Required Minimum Distribution (RMD) several years ago
Such qualified charitable donations (QCDs) will also help those of us who pay taxes on a portion of their Social Security benefits. Such donations will also help those who are subject to tax on net investment income, or a phase-out of personal exemptions or itemized deductions. Perhaps this is something for you and your acquaintances to ponder.
I'm not quite at RMD age, but believe me ... this is how I will do my giving once I hit that magic number.
I think it is wise to keep up on all these things in order not to save on taxes and giving to the charities is a good thing. I'd be curious what those QCDs would be. I'll have to look into them for future use.
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