(866) 340-8132


Click to Get Free 60 Days Payroll Processing

Distribution from individual retirement plan for charitable purpose is tax free

If you are 70.5 years old or older you can distribute funds from an individual retirement account directly to a charity, known as a qualified
charitable distribution. Qualified charitable distributions from an IRA are not included in the taxpayer’s taxable income, and the taxpayer does not take a deduction for the charitable donation. Up to $100,000 per year may be treated as a tax-free qualified charitable distribution. Further, qualified charitable distributions satisfy the required minimum distribution rules

Leave a Comment