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