The strategy "almost always has the highest tax advantage," compared to other giving options, said certified financial planner Sandi Weaver, owner of Weaver Financial in Mission, Kansas.
QCD tax break is 'better than a deduction'When filing taxes, you must claim the standard deduction or your total itemized deductions, including charitable gifts, whichever is greater.
That means most filers don't claim the charitable deduction.
Higher AGI can trigger income-related monthly adjustment amounts, or IRMAA, for Medicare Part B and Part D premiums, Weaver explained.
There's a two-year lookback, meaning 2024 premiums are based on MAGI from your 2022 tax return.
Persons:
Sandi Weaver, Juan Ros, Weaver, There's
Organizations:
Weaver, Secure, Financial Management, Medicare
Locations:
Mission , Kansas, Thousand Oaks , California