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SpaceX Stock Rises. Millions of Shares Unlock Today—Brace For More Volatility. barrons.comSpaceX stock could face further pressure as first batch of shares unlock since IPO CNBCEmployees make plans for a windfall as SpaceX shares are unlocked YahooSpaceX Shares Steady After $100 Billion Insider Lockup Expires Bloomberg.com
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UEFA maintains World Cup boycott threat after Gianni Infantino's crisis meeting apnews.comUEFA stands by World Cup boycott plans despite FIFA, Gianni Infantino apology espn.comEuropean nations say World Cup boycott is still on, keeping FIFA's Infantino in limbo NPRGianni Infantino fights on as FIFA president after leadership backing. So, what now? The New York TimesCana
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Plenty of retirees like to give back to their communities through charitable donations, but questions often arise over the best way to do that.
What approach is efficient, provides the tax benefits you're after, and also is advantageous for the charity that's on the receiving end?
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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. An added bonus is that the benefits can be large for both the donor and the charity.
Here's How QCDs Work
A QCD is a distribution from an IRA that is paid directly from that retirement account to a qualified charity. QCDs lower your adjusted gross income (AGI) and therefore lower your tax bill. They can also offset required minimum distributions (RMDs), those withdrawals you must take from your IRA each year once you reach age 72. An RMD adds to your income, raising the amount of taxes you pay, but a QCD is excluded from your income. So, for example, if you withdrew $50,000 from your IRA as an RMD, you would pay taxes on that money. But if that same $50,000 was used as a QCD instead, you avoid the taxes while helping a charity at the same time.
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Taxpayers can benefit from QCDs even when they take the standard deduction and do not itemize their deductions. Meanwhile, even though a QCD doesn't count as an itemized deduction, tax
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