You can plan ahead on your tax strategy for the coming year by mapping out your charitable contributions in 2022. By understanding your tax bracket and IRS charitable deduction limits, you’ll be prepared to make the biggest impact on causes you care about while also minimizing your tax bill. In order to deduct charitable contributions and other eligible expenses, you’ll need to itemize instead of taking the standard deduction on your federal taxes.
IRA Qualified Charitable Contribution
As a 501c3 charity, NWCO benefits from your direct qualified charitable cash distribution if you’re age 70½ or older.
If you’re age 59½ to 70½, you can donate all or part of your Traditional IRA annual required minimum distribution (RMD) up to $100,000. Roth IRA cannot be used. Once again, if you itemize on your taxes, you may claim a charitable deduction for the amount of your gift.
Your gift is tax-deductible as allowed by law. Please consult your tax advisor for additional information and or assistance in tax return preparation.
Neuro Wellness Charitable Organization Tax ID: #84-4472479
