Charity Tax Breaks If You’re Over 70.5 Years

by | May 1, 2016 | Tax Planning | 0 comments

Direct Charitable Distribution From IRAs

Taxpayers over 70 ½ years old can now make $100,000 per year direct tax ­free distributions from their IRAs to their choice of qualified charitable organizations, regardless of their Adjusted Gross Income (AGI). These transfers are neither included in gross income nor deducted on Schedule A. Furthermore, these distributions are not included in gross income for the phase ­out purposes of deductions, exclusions, tax credits, etc.

Tax Tip: Transfer up to $100,000 per year directly from your IRAs to your favorite charities while alive and save on taxes.