Qualified Charitable Distributions Allow Eligible IRA Owners Up To $100,000 In Tax-Free Gifts To Charity
On November 17, 2023, the Internal Revenue Service reminded individual retirement arrangement (IRA) owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year.
These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end of the year. And, for those who are at least 73 years old, QCDs count toward the IRA owner’s required minimum distribution (RMD) for the year.
How to set up a QCD
Any IRA owner who wishes to make a QCD for 2023 should contact their IRA trustee soon so the trustee will have time to complete the transaction before the end of the year.
Normally, distributions from a traditional IRA are taxable when received. With a QCD, however, these […]