 This Wall Street Journal article date December 7, 2018 explains how people 70.5 years and older with a traditional IRA can reduce taxes by making charitable donations directly from their IRA account. According to the article "...IRA owners who are 70½ and older have the best of both worlds: They can get a tax break for donations and take the higher standard deduction. In fact, the standard deduction rises to $13,600 for singles and $26,600 for couples age 65 and older."
You can learn more about this by talking to your financial advisor. Comments are closed.
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