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Money Talk: Sending IRA funds to charity can have big tax benefits

Posted on AllSides June 13th, 2024

For many taxpayers, the Tax Cut and Jobs Act (TCJA) of 2017 took away the tax benefits of charitable giving. Part of the goal of the TCJA was to simplify tax filings for taxpayers. To that end, the standard deduction was increased significantly and now stands at $14,600 for single filers and $29,200 for couples filing a joint return. Joint filers over age 65 can take an additional standard deduction of $3,100 bringing the total deduction to $32,300. With the itemized deduction for state and local taxes capped at $10,000...

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