Cash Donations – DougFreemanCPA.com

Senior tax-saving alert: Make charitable donations from your IRA

Charitable Contributions, IRA, Itemized Deduction, Qualified Charitable Distribution (QCD), Required Minimum Distributions (RMD) / Douglas Freeman

If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. In contrast, other traditional IRA distributions are wholly or partially taxable, depending […]

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IRA charitable donations: An alternative to taxable required distributions

AGI (Adjustable Gross Income), Charitable, Federal Income Tax, Income Tax, IRA, Qualified Charitable Distribution (QCD), Required Minimum Distributions (RMDs), State Tax, Tax / Douglas Freeman

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37% in 2022 will

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There’s still time to get substantiation for 2018 donations

2018 Tax Return, Charitable, Deductions, Donations, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Deadlines, Tax Planning / Douglas Freeman

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements.

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