IRA to Charity Before 70.5
If I understand this correctly, if a contribution is made from an IRA to a charity before 70.5, the contribution cannot be direct and the IRA owner has to claim the income and then itemize deductions, correct?
If I understand this correctly, if a contribution is made from an IRA to a charity before 70.5, the contribution cannot be direct and the IRA owner has to claim the income and then itemize deductions, correct?
Permalink Submitted by David Mertz on Wed, 2023-11-29 20:07
The IRA owner under age 70½ can instruct the IRA custodian to make the payment directly to the charity, but it will still be income to the owner, will not be a QCD and will not be excludible from income. The owner can claim an itemized deduction for the charitable contribution.