Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions ...
–Qualified Charitable Contributions (“QCD”) are offset by post-70½ Tax-Deductible IRA contributions– Without getting into the minutiae of calculations, QCDs are allowed to be made at 70 ½ instead of 72 with one caveat – the contributions no longer avoid tax recognition to the extent ...
transferring up to $100,000 directly from your IRA to an eligible charity. If you have loved ones you’d like to gift, explore options like a 529 college savings plan or Roth IRA contributions for gifting them with your generosity — and saving on your taxes. ...
you can save up and “bundle” the charitable contributions you would have made over multiple years into one donation large enough that you can itemize that year and take the deduction. Consider using a Donor Advised Fund for this, as it provides a write off for the donation ...