Charity Tax Breaks If You’re Over 70.5 Years Old.

We want to pass along some great news for those of you who need tax breaks!!

Did you know… you can now transfer up to $100,000 per year (tax ­free) from your IRAs to your choice of qualified charitable organizations, regardless of your Adjusted Gross Income (AGI) – if you’re over 70 ½ years old?

These transfers are not included in gross income nor are they deducted on Schedule A. These distributions are not included in gross income for the phase ­out purposes of deductions, exclusions or tax credits.

Tax Tip: Transfer up to $100,000 per year directly from your IRAs to your favorite charities while alive and save on taxes!

Article Reference HERE

We do not provide tax or legal advice. You should consult with a qualified financial planner, tax advisor, or attorney for assistance regarding your specific needs and circumstances. The purpose of this information is to provide general information about self-directed IRAs.

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