Qualified Charitable Distributions

Brett Klein |

If you have not withdrawn the amount necessary to meet the annual Required Minimum Distribution (RMD) from your retirement account, there’s still time.  The December 31, 2023 deadline is rapidly approaching.  If you are charitably-minded, you may want to consider donating your RMD distribution to your favorite charity as a Qualified Charitable Distribution (QCD). 

A qualified charitable distribution (QCD) is an otherwise taxable distribution from an IRA owned by an individual who is age 70½ or older that is paid directly from the IRA to a qualified charity.  A QCD can satisfy all or part of the required minimum distribution (RMD).