Did you know you can donate your required IRA minimum distribution to Alzheimer’s Los Angeles?
A qualified charitable distribution (QCD) is a direct transfer of funds from your IRA payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as specific rules are met:
- The distribution must be made directly from the IRA to the eligible charity to qualify for the tax deduction.
- You must be 70½ or older to be eligible to make a QCD.
- QCDs are limited to the amount that would otherwise be taxed as ordinary income (excludes nondeductible IRA contributions).
- The maximum annual amount that can qualify for a QCD is $100,000 per person.
The amount donated to charity is excluded from taxable income, unlike regular withdrawals made from a traditional IRA.
For more information, please contact Steven Klappholz, Chief Philanthropy Officer email@example.com or 323.930.6208
This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.