Access retirement assets for giving.
Under the regular rules, anyone over 701/2 can donate up to $100,000 per year directly to charity from an IRA account and those funds are not taxed as a withdrawal. They also count toward any Required Minimum Distribution. But any other withdrawal from IRAs, 401(k) plans, pension, or profit-sharing plans is almost always taxable income. But for this year, anyone who can withdraw assets from any qualified plan without a penalty, typically anyone over age 591/2, can take those IRA, 401(k) or pension plan funds and donate them to charity. The withdrawal still increases your income, but since the donation is fully deductible, your donation offsets the increased income and you effectively achieve a federal tax-free withdrawal of such proceeds!