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To: Raycpa

If I understand you correctly, under itemization, only my charitable contributions count, not like the old time a couple of years ago, when I got 2 x $6,000 for my wife and I just for filing and then another 2 x $6,000 for both of us being over 65 and could still take my charitable and property taxes? Or should I just use turbo tax and let it figure it out? I”ve used turbo tax for several years, except for last year when I retired plus moved and sold/bought houses...for that I got an accountant to do my taxes.


50 posted on 08/06/2019 11:06:31 AM PDT by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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To: GreyFriar

The standard deduction for married both over 65 is currently $26,600. So if your charity plus up to 10k in taxes plus interest on mortgage plus excess medical expense is less then you would take standard deduction and charity won’t change your taxable income.

However, if you are over 70 1/2 and have an IRA you could have charity paid from IRA and deduct that from your income thereby getting a tax deduction for you charity plus getting your standard deduction of $26,600.

https://www.investopedia.com/taxes/can-i-use-money-my-ira-donate-charity/


51 posted on 08/06/2019 11:55:18 AM PDT by Raycpa
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