With the holiday season about to kick off, many are turning their thoughts to making charitable donations. Suppose you own or are a beneficiary of an IRA and you’re at least 70½ years old. In that case, you can make qualified charitable distributions (QCDs) of up to $105,000 in tax-free charitable donations during 2024. That’s up from $100,000 in past years. And if you’re age 73 or older, QCDs can fulfill your annual required minimum distribution, if applicable. You can’t take a charitable deduction for a QCD. However, the donated amount is removed from your taxable income, which may preserve your eligibility for other tax breaks. Contact us for additional year-end tax planning strategies. © 2024