Charitable Donation RMD
I have clients who are under 70.5 who have inherited IRA’s from their siblings and or parents. If the original owner was over age 70.5 when the child or siblings inherited the IRA and that IRA was subject to RMD’s can the beneficiary make Charitable donations with the RMD’s even though they are not 70.5?
Thank You
Permalink Submitted by David Mertz on Mon, 2023-03-13 12:22
To be a Qualified Charitable Distribution, the one for whom the IRA is maintained, in this case the beneficiary, must be age 70½ or over at the time of the distribution from the IRA. The age of the decedent is not a factor. A beneficiary who is under age 70½ at the time of the distribution would have to include the distribution in taxable income and claim the charitable contribution as a deduction on Schedule A.
Permalink Submitted by James Arnold on Tue, 2023-03-14 18:01
Thank you DMx