Charitable contribution from IRA pre 70.5?
I understand that the QCD is allowed, but everything I read says that it is for people over the age of 70.5.
However, can a younger taxpayer (over the age of 59.5) still make a distribution directly from their IRA to a charity? They are a high income earner whose itemized deductions would be limited / phased out, thus can they still make a direct charitable contribution from the IRA and not have it show as income (ie a distribution to them). or is that option only available for those age 70.5?
Thanks
Michael
Permalink Submitted by tomd37 on Mon, 2016-08-29 19:26
It is my understanding that in order to qualify for a QCD, the contributor must have attained the age of 70.5 on the day of distribution. Such distribution will be reported on a 1099-R, but the QCD portion of the distribution will not be counted as taxable income on line 15b of the 1040. I am not saying that a contribution cannot be made directly from the fund administrator to the charity, although I suspect most administrators would not do so, but such contribution would not be considered a QCD as the individual is not 70.5 and therefore does not qualify for a QCD. Looks to me as if the charitable contribution will not qualify in any way to reduce taxable income.Let’s see what others have to say. Tom D.