Qualified Charitable Distributions
If you are 70 and 1/2 and are required to take a Required Minimum Distribution (RMD) from your Qualified Retirement Plan, you may want to consider designating part of your RMD as a Qualified Charitable Distribution. Under the new tax law, the Standard Deduction has doubled, e.g. to $24,000 for married couples filing joint. Many taxpayers who itemized in prior years will not have enough deductions to exceed the new Standard Deduction to itemize. By using a QCD, you can make a charitable contribution and have it excluded from your gross income and thereby receive a tax benefit from you contribution even though you use the Standard Deduction. Please see article below for more information or contact your tax advisor.