IRA AND QCD
How do i give charitable contribution from my IRA account as QCD to be counted towards RMD for 2024? what instruction to custodian and what should be on receipt from charity to give to custonian and if needed to IRS. ALSO TIMING OF QCD before or after RMD only lum sum or can be multiple charities and max amount for 2024
Permalink Submitted by Alan - IRA critic on Sun, 2024-03-03 15:15
If you want to do several QCDs, your custodian may want you to enable check writing on your IRA. Otherwise you will have to call the custodian and request a QCD check be mailed to you for every donation. If you want your QCDs to reduce taxation of your RMD, you must complete all your QCDs before or at the same time as you complete your RMD. If you do any QCD after your RMD has been completed, those later QCDs will not reduce your RMD taxes even though they will be non taxable. The acknowledgement required from the charity does not get sent to the custodian, just keep them in your records if the IRS ever asks for documentation. A QCD acknowledgement is the same as for a regular non QCD donation. You cannot receive any benefit for making the donation or it will not qualify.