From source: http://www.irs.gov/Retirement-Plans/Charitable-Donations-from-IRAs

“For eligible tax years, individuals age 70½ or over can exclude up to $100,000 from gross income for donations paid directly to a qualified charity from their IRA. Key points about qualified charitable contributions (QCDs) include:

The donation satisfies any IRA required minimum distributions for the year.
The amount excluded from gross income isn’t deductible.
Donations from an inherited IRA are eligible if the beneficiary is at least age 70 ½.
Donations from a SEP or SIMPLE IRA aren’t eligible.
Donations from a Roth IRA are eligible.
Married individuals filing a joint return may exclude up to $100,000 donated from each spouse’s own IRA ($200,000 total).”

Question:

Is the amount of one’s QCD limited to the lesser of their RMD or $100K? Or must the QCD simply be below $100K? For example, if my RMD for 2015 is $10K, is my QCD limited to $10K, or can I do up to $100K? The first and sixth “key points” above do note seem to jive and I am seeking clarity.

Thank you,

– Robert