How do I deduct a $100,000.00 donation to a church from my Traditional IRA Account?
I receive Social Security Benefits of $34,160 annually and normally file my taxes with the standard deduction. The RMD on my IRA this year is approximately $28,000. I want to donate $100,000 to the church I attend to expand the Sanctuary to accommodate more members and allow our church to grow. Is there a way to do this without paying personal income tax on the $100,000? Even when I used itemized deductions I was only to deduct $3,000 per year on a loss of a large amount of money by theft.
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