![]() If you have an interest in giving to charities, current tax laws offer little tax benefit for donations, as more than 90% of taxpayers use the standard deduction, according to the IRS. The taxation is similar to when you earn money from a job, with the exception that no Social Security or Medicare tax is due on IRA withdrawals. ![]() Funds withdrawn from your traditional IRA are generally subject to federal and state ordinary income tax. The primary purpose of an IRA for most investors is to provide cash flow once they’re no longer working.
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