Charitable Giving from IRAs: Key Changes Under the TCJA

ARTICLE | July 15, 2024

Authored by Vasquez + Company

The Tax Cuts and Jobs Act (TCJA) has brought several changes that impact charitable giving, especially for those using Individual Retirement Accounts (IRAs). While it increased the charitable deduction limit, it also raised the standard deduction, making it harder for less-ambitious givers to benefit. One significant advantage for charitably inclined seniors is the ability to make Qualified Charitable Distributions (QCDs) from IRAs, allowing tax-free donations that also count toward Required Minimum Distributions (RMDs). This article outlines the rules, benefits, and strategies for maximizing charitable contributions under the current tax law.

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