Recent tax law changes may impact retirees, with new deductions and income tax bracket updates. The OBBBA allows extra tax deductions for older filers. Consider Roth conversions for tax-free growth. Income limits may apply. Know the 2026 tax rates and plan retirement account distributions to avoid higher tax brackets. Other deductions under OBBBA include vehicle loan interest, tips, and overtime income deductions. Control income to stay within deduction limits, and consider QCD changes for itemized deductions starting in 2026. Retirees in the 37% income tax bracket will have limited itemized deductions, including charitable gifts. To offset this, making Qualified Charitable Distributions (QCDs) from an IRA to a qualified charity can help satisfy Required Minimum Distributions (RMDs) without being considered taxable distributions.

RMDs typically start at age 73, so those who haven’t reached that age can “front load” charitable gifts through a donor-advised fund. It’s important to act soon since new tax rules take effect on January 1, 2026. Rolling retirement dollars from an employer plan into an IRA can also help take advantage of QCDs.

Read more at Yahoo Finance: 4 Moves Retirees Need To Make Now To Prepare for 2026 Tax Rules