Is there a way to estimate how the amount of your donation with effect your taxes due?
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If you are making a QCD Qualified Chartable Contribution directly from your RMD the amount will not add to your income and not be taxed at all and the donation is not deductible. That's what I'm doing. If you are getting the RMD and making the donation separately it may or may not make a difference.
All your itemized deductions have to be more than the standard deduction to get any benefit (so you would only be getting the benefit of the amount that puts you over the standard deduction). And since the Standard Deduction is increased more people will not need to Itemize. And several deductions are limited like Medical and State taxes paid.
Hi hlboatright,
TurboTax has a calculator that you can use to estimate your refund or balance due, and includes a section to indicate donations.
Here is the link: TurboTax TaxCaster
Please note - it is still geared for the 2023 tax year. It will be updated in the next few weeks for 2024 but is still a useful tool to give you an estimate. You can also bookmark the link and check back for the calculator to update to get a closer estimate once the 2024 calculator is active.
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