Typically, funds withdrawn from your IRA count towards your annual income, increasing your overall tax burden. But if you give these funds to Hearing Health Foundation (HHF) or another favorite charitable organization instead, they are always tax-free, whether or not you itemize deductions on your tax return.
How Does the New CARES Act Affect You?
The year 2020 has been one of so many questions: When will things return to normal? Do I qualify for the stimulus check? Where did I put my mask? And, how can I be fiscally responsible while still supporting a favorite cause, like hearing and balance science? The good news is that you can do both at the same time, thanks to recent legislation.