For example, younger donors might consider giving stocks Czechia Business Email List directly to charity. For charitably-minded retirees with traditional IRAs, there’s a tax relief strategy available, and it’s called the qualified charitable distribution. The QCD gifting option allows you, starting at age 70-1/2, to instruct your IRA custodian to direct IRA distributions up to $100,000 a year to a qualified charity. Because the IRA income goes directly to the charity, you do not report Czechia Business Email List the QCD as taxable income, and you do not owe any taxes on that QCD, which may be particularly beneficial to you if you’re forced to take required minimum distributions and you do not need the extra money. In addition to avoiding taxable income, your IRA distribution Czechia Business Email List can be put to good use by your favorite qualified charity. If you regularly support charities, you may find that the QCD gift option provides you with greater tax savings than even cash donations.
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Why is that? It’s because reducing your adjusted gross income Czechia Business Email List generally provides a greater tax benefit than claiming a tax deduction because AGI is used in several calculations, such as determining the taxable portion of your Social Security benefits, or how much you would pay for Medicare premiums, or what deductions and credits you qualify for receiving. A QCD allows you to receive a tax benefit for your charitable contribution even if you do Czechia Business Email List not itemize reductions, because, once again, that QCD is excluded from your taxable income. One caveat, one big caveat, obviously, is if tax laws were to change. Czechia Business Email List MICHAEL: Well Vonny, I think that’s a great way for us to wrap up our conversation.
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I want to thank you and Julia, both, for joining me today, and Czechia Business Email List taking us through the why and how of thinking about the array of giving vehicles open to donors who are looking to make a positive impact in the world. It’s obvious that supporting this kind of thoughtful, deliberative decision-making is something important to both of you, and that comes through clearly in both your work and in today’s discussion. So thank you, again. Thank you Czechia Business Email List for listening. We hope you’ve enjoyed this episode. Please consider leaving us a review on Apple Podcast or your favorite listening app, as it helps others discover the show. We encourage you to listen to other episodes in this series, as well as other podcasts from SSIR. This podcast Czechia Business Email List series is made possible with the support of Schwab Charitable, who played an important role in the selection of topics and speakers.