Tax Facts

Information to help individuals and small business navigate our complex Tax Laws. Not to be construed as tax advice. Contact your hired tax advisor for your specific tax situation and advice.

Charitable Donations in 2019 and your IRA RMD

If you are over 70 1/2 and are required to start or continue taking money as income from your IRA, it is known as an RMD or Required Minimum Distribution. This is the tax law that requires you to start taking at least a minimum amount of money out of your retirement account and start paying taxes on it.

If you are tithing or giving money to charity each year, you may not get a tax deduction for that charitable donation if you no longer exceed the new standard deduction, which has essentially doubled.

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