If you are 70 ½ or older, a qualified charitable distribution (QCD) made directly from your IRA is a great way to show your support for Forbes Library and receive tax benefits. The IRA distribution will not be treated as income on your federal tax return and is not subject to federal income tax. For many who filed itemized deductions in the past, but now take standard deductions, this is a strategic approach.
For those 72 years and older, the qualified charitable distribution counts toward the annual required minimum distribution, and for some that may potentially help you avoid a higher tax bracket.
The gift will need to transfer directly from a traditional IRA to Forbes Library and it can be any amount up to $100,000. The gift amount is excluded from your gross income for federal tax purposes. For more information, contact your advisor.
