Lynda Doland explains how taxpayers older than 70 ½ can still benefit from donations to charity even if they can no longer itemize.
The number of taxpayers who will itemize starting with 2018 is estimated to drop by 50% due to the changes made by the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, 12/22/2017). Taxpayers who are 70½ or older can still benefit from charitable contributions, even if they don’t itemize, by using qualified charitable distributions (QCD).
How it works:
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