IRA owners must be age 70 1/2 or older to make a tax-free charitable contribution. Those who meet the age requirement can transfer up to $100,000 per year directly from an IRA to an eligible charity without paying income tax on the transaction. If you file ajoint tax return, your spo...
A QCD reduces your AGI, a benefit to a taxpayer at any age. The lower your income, the less taxes you pay. However, you cannot claim a QCD as a tax deduction on your annual tax return.10 Exceptions The exception to this is nondeductible contributions, as they are considered a t...
Uncle Sam offers plenty of incentives, too. One of the most lucrative — and often overlooked — isthe Saver’s Credit. If you fall within the income limits, you can claim a tax credit of up to $1,000 for singles or $2,000 for joint filers. The credit is based on 10%, 20% or...