Do all of these describe you?
- You are over the age of 70.5
- You have Traditional IRA assets
- You used to itemize your deductions but will not anymore because of tax reform
- You give to non-profit organizations on a regular basis
If you fit this profile you can take advantage of Qualified Charitable Distributions from your IRA. Since the standard deduction nearly doubles ($24,000 for married individuals filing a joint return) for the tax year 2018 many individuals will not be able to deduct contributions that they made in the past.