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Qualified Charitable Distributions from IRAs

The IRS provides qualifying taxpayers a way to direct money from their IRAs to charitable organizations.  When used correctly, this strategy can:

  • Satisfy RMD (required minimum distribution) requirements
  • Fund local charities – you decide which ones and how much
  • Reduce your AGI (adjusted gross income) – this can potentially reduce your tax liability in a number of ways: reducing taxable social security, increasing allowable medical expenses, eliminating state income tax, to mention a few benefits

For taxpayers taking RMDs and contributing to their church or favorite charity, the QCD is something to consider.  The IRS has a very helpful site IRA FAQs and it is something we would be happy to discuss with you.