Qualified Charitable Distributions and Itemizing Every Other Year
There are some tax saving strategies that can reduce income taxes that may be available to Stonebridge UMC members when making their 2024 contributions. A nontaxable Qualified Charitable Distribution (QCD) from an IRA is available to those who are at least 70 ½ in 2024. Some members may be able to reduce income taxes by itemizing every other year. Tax savings using these strategies can be significant, but planning for them is critical. To find out if these tax strategies can work for you, you should discuss these options with your tax advisor or your IRA custodian and, in the case of those over 70 ½ who are also required to take a Required Minimum Distribution (RMD) from an IRA, a discussion should be had before the RMD is taken. More information and examples of how each of these could work for SUMC members can be found by clicking on the links below.