Qualified Charitable Distributions and Itemizing Every Other Year
There are some tax saving strategies that may be available to Stonebridge UMC members when making their 2024 contributions. A nontaxable Qualified Charitable Distribution (QCD) from an IRA is available to those who are at least 70 ½ in 2024. Another strategy may reduce income taxes by “bunching” deductible expenses and charitable contributions to allow for itemizing deductions every other year. Tax savings using these strategies can be significant, but planning for them is critical. To find out if these tax strategies can work for you, you should discuss these options with your tax advisor. One important rule to keep in mind is that a QCD must be made before distributing the full Required Minimum Distribution (RMD) amount for those who are of the age at which RMDs must be taken (born in or before 1951 for 2024). More information and examples of how each of these could work for SUMC members can be found by clicking on the links below.