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Smart Giving: Unlocking the Power of Qualified Charitable Donations and Donor-Advised Funds
In this episode of the Happiness in Retirement Program, I delve into two powerful charitable giving strategies: Qualifying Charitable Donations (QCDs) and Donor Advised Funds (DAFs). We start by discussing the current tax landscape, particularly the impact of the 2017 Tax Cut and Jobs Act, which significantly increased the standard deduction and limited itemized deductions, leading to a decline in charitable giving.
I explain how QCDs allow individuals over 70 and a half to donate directly from their IRAs to charities, satisfying required minimum distributions (RMDs) without incurring taxes…
The skinny
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