Americans donated $2.7 billion on ‘Giving Tuesday.’ Here's how donors can score a write-off if they don’t itemize deductions

Americans donated $2.7 billion on ‘Giving Tuesday.’ Here's how donors can score a write-off if they don’t itemize deductions investinyou (In partnership with acorns.)

Qualified charitable distributions, which are payments from an individual retirement account to a charity.

The primary benefit is the transfer doesn't count as taxable income, Pearson explained, and retirees don't need to itemize deductions to see that benefit. Here's why: In addition to the deduction, the donation may avoid capital gains taxes of 0%, 15% or 20% for 2021, depending on income.

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