Craig Wear, CFP®Craig Wear, CFP® | Expert in Roth Conversions & Tax-Efficient Retirement Strategies for IRA Millionaires

Maximizing Your Tax Benefits with Charitable Contributions

20 Jul 2024 · 1 min

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0:30

This YouTube video (Craig Wear, CFP®) explains tax strategies that combine charitable giving with Roth IRA conversions to maximize tax benefits. In particular, the speaker warns that many overlook charitable intent and describes using donor advised funds to pair a large charitable gift with a large Roth conversion to create a substantial tax deduction in the conversion year. The content is advisory, targeted at taxpayers considering conversions and charitable donations.

Chapters

The fifth mistake is just overlooking the fact that maybe you have a charitable intent. Maybe you and your spouse enjoy giving to your church or educational institution or causes that you really care about. There are very specific strategies that you can use that you can marry that charitable gift with your Roth conversion through something called a donor advised fund, and you can get a huge tax deduction in the year that you do a huge Roth conversion.