Qualified Charitable Distributions from an IRA

ESTATE AND ASSET GIVING

Qualified Charitable Distributions from an IRA

A qualified charitable distribution (QCD) from an IRA is an option for retirees who are over the age of 70.5 to give up to $100,000 (indexed for inflation starting in 2023) a year to certain qualified charities. With a QCD, the donation is made directly from an IRA to the charitable organization, which means you don't have to include that distribution in your taxable income. Even though you don't get a tax deduction from a QCD, it can be a tax efficient way to give—since the alternative of taking that distribution in to your income first and then making a donation could result in a higher tax on your Social Security benefits and Medicare premiums. In addition, a QCD can be used towards your required minimum distribution.

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