Can I Do A Qualified Charitable Distribution From My IRA?
Charitably inclined people who are age 70.5 or older may benefit from making a Qualified Charitable Distribution from their IRA (excluding Roth IRAs). This is a popular way for you to support your favorite charities while reducing your AGI. The decision and procedure to carry out this strategy can be complicated.
To help make the analysis easier, we have created the “Can I Do A Qualified Charitable Distribution From My IRA?” flowchart. This flowchart addresses common issues pertaining to Qualified Charitable Distribution rules, including:
Age requirements
Distribution limits
Qualified charitable beneficiaries
The effect of account contributions
Step-by-step reporting process
Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.