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Avoid Mistakes With Qualified Charitable Contributions

Started by Epoch-Times-Bot, Oct 23, 2022, 08:00 PM

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Epoch-Times-Bot

Oct 23, 2022, 08:00 PM
Avoid Mistakes With Qualified Charitable Contributions

By Elliot Raphaelson
From Tribune Content Agency
If you have reached 70 1/2, have a traditional IRA, do not itemize your tax return and make charitable contributions, you should consider taking advantage of the Qualified Charitable Deduction (QCD) option to save on income taxes.
For example, if you contribute $10,000 to a qualified charity, and your marginal tax bracket is 28 percent, you can save $2,800 in federal taxes if you follow the proper procedures regarding QCDs.
In a recent newsletter from Ed Slott and Co. (irahelp.com), Natalie Choate contributed an article pointing out mistakes people can make with QCDs.
Here is a list of errors to avoid:...

Source: Avoid Mistakes With Qualified Charitable Contributions

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