Reply To: TIRA deductibility if MFJ and only one has no retirement plan

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#5286
RustyShackleford
Participant

Thanks. She’s gone to half-time, so that won’t be an issue.

I’m actually doing a cute thing with my TIRA. With the new much higher standard deduction, we can no longer itemize and deduct charitable contributions. So I’m treating my TIRA as a DAF. Contributions (regular deductible TIRA contributions, per this thread) reduce our taxable income. Starting in a few years (age 70, about the time my actual DAF runs out, after I made a big contribution of appreciated stock in the last year before the new tax law), I can make QCD charitable contributions from my TIRA.

Better than a DAF in several ways. It’ll reduce my RMDs. And it’s not irrevocable: if I decide I need that money for spending after all, I can choose not to QCD it.