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My husband and I want to give money to our University. We can give to a Charitable trust, draw 6% and get a tax deduction on the amount given. My question is what would the tax implications be if we took money out of a 401K? I know the money would be taxable but would the deduction cover the extra tax? If you gave a large amount could you take a deduction for the full amount? If you withdraw a large amount for this gift how would this effect AGI and does this effect the amount you can deduct.

Any help in answering these questions would be greatly appreciated.

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