Qualified Charitable Distribution from an IRA
Taxpayers who are age 70 ½ or older have the option to have a qualified charitable distribution (QCD) be taken from their IRA. A QCD (of up to $105,000 in 2024) can be made directly to a qualified charity. The benefits of this are that any amount that is a QCD reduces the required minimum distribution (RMD) for the year made. This means that the amount you have as QCD will not be included in your income. Also note that because the QCD amount is not included in your income it is also not includable as a charitable deduction for itemizing purposes.
Please speak with your IRA trustee before any distribution to ensure proper completion of the transaction, as the QCD must be made directly from the IRA trustee to the qualified charity.
Please speak with your IRA trustee before any distribution to ensure proper completion of the transaction, as the QCD must be made directly from the IRA trustee to the qualified charity.