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Making the Most of Your IRA: An important charity deduction

Making the Most of Your IRA: An important charity deduction 1500 1001 Bernstein Financial Services

The tax tip of the day is on contributions to charitable organizations with your IRA requirement distributions.

Those of you that are retired, taking minimum distributions and you also give to charity but you don’t itemize, you’re not getting that charity deduction.

So, the way you get the charity deduction is to have the RMD go directly to the charity. You can call your broker, or people that handle your IRA, tell them you want to give to a qualified organization. Don’t take that portion. Send it directly over to the charity, then that portion of the RMD is not taxable, which lowers your tax and lowers your AGI or other items in your return.

We’ve got more burpees to do. That’s all for today. Take care & work out.

-Mike Bernstein