Top 5 Tax Breaks for 50+: benefits Of Tax-Saving Opportunities

5. Qualified Charitable Distributions (QCDs) from Your IRA

Give Back AND Save on Taxes!

As you age, you may want to leave a legacy or support causes that matter to you. The Qualified Charitable Distribution (QCD) allows you to donate directly from your IRA to a charity, without paying taxes on the donation.

In 2024, you can donate up to $100,000 annually to charity, which is not taxable. This can be a great way to support your favorite charities while lowering your overall tax bill.

In addition, if you must take a Required Minimum Distribution, your QCD can actually help satisfy that obligation. This is a win-win: it benefits your taxes and your philanthropy.

Important Reminder: To qualify for a QCD, you must be at least 70½ years old, so it’s perfect for anyone approaching that age milestone!

A necessary article for you. Are You Missing Out? Everything You Need to Know About Pension: Key Features, Tax Benefits, and Eligibility!

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