Our daily roundup of retirement news your clients may be thinking about.
Charity can count toward your IRA withdrawal From a tax perspective, donating required minimum distributions from a traditional IRA to a qualified charity is a smart move for retirees, according to this article on The Wall Street Journal. Although retirees cannot claim a tax deduction on the charitable donation, the RMD amount is excluded from computing their adjusted gross income. A lower AGI would enable them to reduce or avoid 3.8% surtax on net investment income, Medicare premium payments and taxes on Social Security benefits.
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