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Is there a summer COVID-19 surge this year? Yep, it's ramping up again NPRSummer is now California's COVID busy season as winter waves fade Los Angeles TimesMutated COVID-19 variant could be behind surge in SF virus levels SFGATEWastewater data shows COVID-19 surge in several Bay Area communities NBC Bay Area
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A proposed rule could let families do a "discount Roth conversion."
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SpaceX, Sandisk, Micron, Workday, Applied Materials, Reddit, Unusual Machines, and More Stocks That Explain Today's Market Barron'sReddit surges on S&P 500 inclusion, set to replace AvalonBay ReutersReddit Shares Jump 15% As It Joins The S&P 500 Next Week—Here's What To Know ForbesReddit stock jumps on inclusion in S&P 500 CNBC
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Investors say that the most-followed woman on Instagram failed to follow through on her commitments.
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Android 17 QPR2 greatly expands Dynamic Color theming on Pixel 9to5GoogleHere's everything new in Android 17 QPR2 Beta 3 [Gallery] 9to5GoogleGoogle is bringing back native app lock for Android, but not for everyone yet Android AuthorityAndroid 17 QPR2 Beta 3 adds more blur effects and lets you re-order Quick Settings Android HeadlinesAndroid 17 QPR2 adds App lock to Pixel 9to5Google
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Plenty of retirees like to give back to their communities through charitable donations, but questions often arise over the best way to do that.
What approach is efficient, provides the tax benefits you're after, and also is advantageous for the charity that's on the receiving end?
SEE MORE Ever Dream of Having a Building Named After Yourself?
One possibility is a qualified charitable distribution (QCD), a tax-savvy way to reduce your taxable income and maximize your donations whether you itemize deductions on your tax return or not. An added bonus is that the benefits can be large for both the donor and the charity.
Here's How QCDs Work
A QCD is a distribution from an IRA that is paid directly from that retirement account to a qualified charity. QCDs lower your adjusted gross income (AGI) and therefore lower your tax bill. They can also offset required minimum distributions (RMDs), those withdrawals you must take from your IRA each year once you reach age 72. An RMD adds to your income, raising the amount of taxes you pay, but a QCD is excluded from your income. So, for example, if you withdrew $50,000 from your IRA as an RMD, you would pay taxes on that money. But if that same $50,000 was used as a QCD instead, you avoid the taxes while helping a charity at the same time.
SEE MORE Every Dollar Counts: How to Evaluate a Nonprofit
Taxpayers can benefit from QCDs even when they take the standard deduction and do not itemize their deductions. Meanwhile, even though a QCD doesn't count as an itemized deduction, tax
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