Are you looking to make a donation to St. Clement of Rome before the year of the year? You may be eligible for an IRA Qualified Charitable Distribution (QCD). Below are some things you may not know:
- You are eligible to make Qualified Charitable Distributions beginning at 70 ½, regardless of your Required Minimum Distribution (RMD) age.
- Contributions must be made from a traditional IRA.
- Distributions must go directly from your IRA account to St. Clement of Rome.
- IRA QCDs are excluded from taxable income.
Taxpayers who do not itemize benefit most from an IRA QCD, since they do not receive a tax benefit for charitable gifts. - You may be able to give up to $105,000 per year, $210,000 for a couple.
- Taxpayers who’ve reached the limit for charitable giving (usually 60% of adjusted gross income for cash gifts) can give more - up to the IRA limit.
- Your QCD can satisfy your Required Minimum Distribution (RMD). Contact your IRA administrator about your RMD.