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A Wake-Up Call to Senior ClientsA Wake-Up Call to Senior Clients

Start making all your charitable gifts from your IRAs.

Christopher R. Hoyt, Professor of Law

May 18, 2018

4 Min Read
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The number of income tax returns that will report income tax savings from charitable donations is projected to plummet from 37 million in 2017 to just 16 million in 2018.1 The staggering decline of 21 million returns is due principally to two changes in the Tax Cut and Jobs Act of 2017: (1) limiting the itemized tax deduction for state and local taxes to $10,000 per return ($5,000 for married taxpayers filing separately), and (2) increasing the standard deduction to $12,000 on single returns, $24,000 on married joint returns and $18,000 on head-of-household returns—with even higher thresholds for individuals over age 65.2   

“A Massive Conversion,” p. 42, illustrates how these changes will cause millions of itemizers to convert into non-i...

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About the Author

Christopher R. Hoyt

Professor of Law, University of Missouri

Christopher R. Hoyt, JD is a Professor of Law at the University of Missouri Kansas City School of Law where he teaches courses in the area of federal income taxation and business organizations.  Previously, he was with the law firm of Spencer, Fane, Britt & Browne in Kansas City, Missouri.  He received an undergraduate degree in economics from Northwestern University and he received dual law and accounting degrees from the University of Wisconsin.

Professor Hoyt has served as the Chair of the American Bar Association’s Committee on Charitable Organizations (Section of Trusts and Estates) and is on the editorial board of Trusts and Estates magazine. He is an ACTEC fellow, has been designated by his peers as a “Best Lawyer”, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils.  He is a frequent speaker at legal and educational programs and has been quoted in numerous publications, including The Wall Street Journal, Forbes, MONEY Magazine, The New York Times and The Washington Post