Updated, Aug. 14, 2024: This post has been adjusted to correct the new 2024 IRS cap on annual donations via a QCD. The tax deductions for contributing to a retirement account can be beneficial ...

One possibility is a qualified charitable distribution (QCD), a tax-savvy way to reduce your taxable income and maximize your donations whether you itemize deductions on your tax return or not.

Understanding how a qualified charitable distribution (QCD) works is important. Not only could the donation lead to several tax benefits, but the money donated may substantially impact the charity ...