I got a notice from my accountant that the The "Tax Extenders Package" has passed Congress and will be signed by the President. This package extends some tax incentives and makes others permanent. Among others tax payers that are at least 70 1/2 can donate their required distributions from retirement accounts up to $100k each year tax free. This rule has become permanent. If I understand this rule correctly, those charitable donations will not count toward income and will help keep things like Medicare income under the break point for increased monthly costs. Anyone know more on the details?
I think this change will make my life easier for tax planning purposes and possibly save quite a few bucks in Medicare costs once I reach 70 1/2.