A Tax-Saving Way to Help PWC
- PWCAdmin
- Nov 14, 2022
- 1 min read
If you are 70½ years old or older, you can take advantage of a simple way to benefit PWC and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity such as PWC without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Why Consider This Gift?
Your gift will be put to use today, allowing you to see the difference your donation is making.
You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution.
Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Looking for a tax-saving strategy? One great way to help with your PWC is by planning your taxes effectively. Using an Income Tax Calculator can give you a clear picture of your taxable income and help you identify potential savings. Start optimizing your taxes today!
This is such a smart way for seniors to give back and save on taxes at the same time. I remember reading on Credit Genie https://credit-genie.pissedconsumer.com/customer-service.html about how qualified charitable distributions can even help with Medicare premiums, which is such a win-win. It’s awesome that PWC gets immediate support too. My family has always looked for ways to make our donations go further, so this is super helpful. Thanks for breaking it down so clearly!