Qualified Charitable Distributions

By April 22, 2020Investing

If you are at least age 70 ½, you can make tax-free charitable donations from your IRA.

  • Up to $100,000 per year of gifts you make directly from your IRA to charity can be excluded from taxable income as tax-free distributions.
  • QCD gifts to charity count toward your annual required minimum distributions from your IRA.
  • No double-dipping. QCD gifts excluded from taxable income do not also get a tax deduction.

Be sure to notify your tax preparer of IRA distributions made directly to charity.