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Not Itemizing Deductions for Your Charitable Gift Anymore? Retirees May Have a Valuable Workaround: Qualified Charitable Distributions

The Tax Cuts and Jobs Act that went into effect in 2017 materially raised the standard deduction. This increase has sharply cut into the number of filers who will itemize their tax deductions. However, if you’re a retiree over age 70½, you have a potential workaround that preserves the tax benefits of giving, even if you don’t itemize!

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