Can You Still Get a Tax Benefit From a Charitable Contribution?
Yes ! Two Ways
This year 2026, anyone can donate up to $1,000 ($2,000 married) and get the benefit of the write-off. Just write a check and send it to your charity. You do not have to itemize your deductions to get this.
Donate From Your IRA
If you are 70.5 or older, you can donate directly from your IRA and pay no income tax on it. Simply contact your investment advisor or customer service at the bank or firm that holds your IRA. Tell them the amount and the name and address of the charity. They will send a check directly to the charity payable to the charity and take the funds out of your IRA. It must be payable to the charity. However, they can send the check to you so that you can deliver it to the charity. But if they make it payable to you, you will have to pay income tax on it. For example, if you withdraw $10,000 payable to you, deposit it in your bank account, and then write a check to the charity, at a 24% tax rate you would have to pay $2,400 in income tax on it.
If you are 73 or older and required to take Required Minimum Distribution, this will reduce your RMD and you will pay less income tax on your RMD.
But don’t wait until Christmas, get too busy, and don’t get around to it! You can do this anytime during the year. Also, your investment firm needs some lead time. Fidelity, for example, wants your request by November 30th so that they have time to process it.
Pambe Ghana, Inc.
P.O. Box 18813
Oklahoma City, OK 73154
A 501(c) 3 qualified charitable organization
Employer Identifications number 20-4975033
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