IRA

Did you know that you can donate up to $100,000 to a qualified charity (or charities) from your IRA beginning at age 70½? This is called a Qualified Charitable Distribution (QCD), and if done correctly, can allow you to donate to charities you care about while potentially lowering your tax bill. Why would I want to make a Qualified Charitable Distribution? You may already be donating to charities you care about directly, so why would you want to make a QCD from your IRA? A QCD lowers the amount of the taxpayer’s Required Minimum Distribution (RMD) that is taxed. As a refresher, the RMD is the amount that taxpayers must withdrawal annually from their traditional IRA beginning at age 72*. Normally, taxpayers are taxed on the full amount of the distribution. For taxpayers who do not … [Read more...] about Donating to charity from your IRA