QCD
I have an IRA with checkwriting capability. If I write a check from the IRA account to a Charity, will it quailfy as a QCD?
I have an IRA with checkwriting capability. If I write a check from the IRA account to a Charity, will it quailfy as a QCD?
Permalink Submitted by Alan - IRA critic on Thu, 2015-12-31 03:57
Yes. this was clarified in Notice 2007-7, but you must deliver it to the charity by the close of business on 12/31. The problem here is that by the time the check clears, it will not be included in your 2015 1099R unless you have some special arrangement with your IRA custodian. That means the IRS will probably question whether you completed your RMD on time unless you completed your RMD earlier and this QCD was additional money.