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Qualified Charitable Distributions

A Qualified Charitable Distribution (QCD) is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs may count toward satisfying your required minimum distribution (RMDs) for the year.

How does a Qualified Charitable Distribution (QCD) work?

In addition to the benefits of giving a charity, the amount withdrawn from your IRA is not included in your taxable income, unlike regular withdraws from an IRA.

Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare.

QCDs don’t require that you itemize so you may decide to take it vantage of the higher standard deduction. A QCD is not subject to withholding.

Who Can Make a QDC?

You must be 70 1/2 or older. The maximum annual amount that can be qualified for a QTC is $100,000/$200,000 if married filing jointly. The funds must be distributed from your IRA by December 31 to count towards your current qualified minimum distribution MDR.

Charitable giving maybe complicated. You may wish to contact legal or tax advisers.

Contact: Viv Ewing Ph D.

Office: 712-828-7454

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