IRA Qualified Charitable Distributions

IRA owners and beneficiaries age 73 or older may donate up to $100,000 of IRA assets per year tax-free to qualifying charitable organizations. These are called “qualified charitable distributions” (QCDs). The QCDs must be paid directly to qualified charities and sent by the financial institution; distributions paid to the individual are not eligible.

For married couples filing a joint return, the annual $100,000 QCD limit applies separately to each spouse. QCDs are not subject to withholding and satisfy an individual’s RMD for the applicable year. For more information on QCDs, please seek the advice of a tax professional.

For IRA questions, please reach out to Al Kauffman, Certified IRA Professional, at 800-821-5104 ext. 6840.