Retirees can make their holiday giving go further with a qualified charitable distribution (QCD) from their IRA, reducing their tax bill while supporting charities. QCDs are best for retirees 70½ or older with IRA balances in the mid-six figures or higher. Individuals aged 70½ or older can donate up to $108,000 this way, with the cap adjusting for inflation yearly. QCDs exclude the donation from income, making it a better tax strategy than deductions. Work with a financial advisor to determine if QCDs are the best option for your retirement planning. Remember, timing is crucial, and state tax treatment may vary.

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