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

March 10, 2016
Share

Leave a Reply

Your email address will not be published. Required fields are marked *

news letter

Subscribe our newsletter

Recent Post

Payroll Solution Finder

Payroll Solution Finder

Payroll Solution Finder

Payroll Solution Finder

Payroll Solution Finder

Everything in the form was correctly filled if all the steps have a green checkmark icon.