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Posts Tagged ‘Tax Savings’

How Seniors Can Use the IRS Charitable Tax Break for Tax Savings

Those who are aged 70½ or older and have an IRA can once again save taxes by making charitable contributions directly from their IRA. The tax provision allows IRA owners of age 70½ or older to directly transfer, tax free, up to $100,000 a year to one or more eligible charities. The distributed amounts can be excluded from the IRA owner’s income, thus lowering the taxable income. This tax provision has now been made permanent.