Inherited IRA

[_19disnA]

Reminder - this works ONLY if you plan on itemizing your tax deductions…

I agree. The most direct way is to have money go directly from your IRA account to the charity, then there are no taxes involved. They have also changed around how some itemized deductions work as well as raised the standard deduction amount. Typically, when you itemize, only a % of that ends up coming off of your taxes, not the entire amount.

 

[georgina]

I agree. The most direct way is to have money go directly from your IRA account to the charity, then there are no taxes involved. They have also changed around how some itemized deductions work as well as raised the standard deduction amount. Typically, when you itemize, only a % of that ends up coming off of your taxes, not the entire amount.

Not sure what you are talking about with the %. I itemize every other year, and concentrate my charitable contributions in Jan and Dec. All of it come off of my taxes for that year, not a percentage

 

[_19disnA]

The last time I did my taxes there were various changes to how deductions take place. The W2G form for gambling is one example. It USED to be that you would simply show losses up to the amount of your winnings so the net effect was -0- on income. Now your winnings add to your gross income and the losses are counted as part of your itemized deductions. Not sure how many other such things changed. Also, the std deduction was raised such that you may no longer have enough to make itemizing worth it. Probably depends on each person's tax situations.