Eligible IRA Owners Can Deduct Up to $105,000 in Charitable Donations For TY 2024
CPA Practice
NOVEMBER 16, 2024
The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. That’s up from $100,000 in past years. For those age 73 or older, qualified charitable distributions (QCDs) also count toward the year’s required minimum distribution (RMD).
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