Charitable Donation of RMD and Beyond
What is the status of past legislation that allowed one to remove all of their RMD from taxable income provided the withdrawal went directly to a qualified charity? And if still current does it extend to any amount withdrawn from the IRA or just the calculated RMD? Does it apply to any qualified account or just IRAs? Thanks
Permalink Submitted by Alan - IRA critic on Mon, 2020-10-26 19:45
QCDs remain in force and are now permanently in the tax code . Taxpayer must have reached age 70.5. A QCD cannot exceed 100k, but it can be less than, equal to, or more than the RMD for the year. QCDs can only be distributed from IRA accounts that are owned or inherited, not from qualified plans.