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Can I Do A Qualified Charitable Distribution From My IRA?

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Working / Accumulation Phase, Retirement / Decumulation, Tax Planning, Estate Planning, Assets and Investment Planning, General
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**This guide has been updated to incorporate new changes made by The SECURE Act 2.0 that are effective for the 2023 year. Any SECURE Act 2.0 changes that are effective for 2024 will be incorporated into this guide at the start of the 2024 year.

Charitably inclined clients who are age 70.5 or older may benefit from making a Qualified Charitable Distribution (QCD) from their IRA (excluding Roth IRAs). This is a popular way for clients to support their favorite charities while reducing their 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

 

Updated 1/19/2023

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