charitable IRA rollovers
I read in an article in the WSJ that an individual has to actually BE 70 1/2 before they can do the charitable ira rollover, not just in the year they turn 70 1/2. can anyone clarify?
I read in an article in the WSJ that an individual has to actually BE 70 1/2 before they can do the charitable ira rollover, not just in the year they turn 70 1/2. can anyone clarify?
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Permalink Submitted by Alan - IRA critic on Tue, 2016-06-21 19:07
What you read is correct. This is clearly stated in Sec 1201 of the PPA and Notice 2007-7. If someone executed a QCD before 70.5, it would technically not be a QCD, but a donation subject to itemization on Sch A. It would still count toward the RMD if the RMD had not been previously completed, but the distribution would have to be included in AGI and not reported on line 15 of Form 1040 as a QCD.