RMD Charitable Gifts

When planning your year-end giving, you may want to consider making a Qualified Charitable Distribution (QCD) from your IRA.

A QCD is a direct transfer of funds from your IRA to the Qualified Charity. QCDs can be counted towards satisfying your Required Minimum Distributions (RMDs) for the year, as long as certain rules are met.

A QCD excludes the amount distributed from taxable income, which is unlike regular withdrawals from the IRA. Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare.

Are you eligible to make a QCD with RMD?

You must be 70 and half or older to be eligible to make a QCD
QCDs are limited to the amount that would otherwise be taxed as ordinary income.
The maximum annual amount that can qualify for the QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. If however, you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax year for up to $100,000.)
For QCD to count towards your current year’s RMD, the funds must come out of your IRA by RMD deadline, generally by Dec. 31.
Finally, check with your IRA Administrator / tax accountant for more details.

If you are considering a QCD, please consider Our Parish Capital Campaign or On the Way – ¡Andale! Campaign

RMD Charitable Gifts

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