A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.
The Required Minimum Distribution (RMD) age is generally 73 for individuals born in 1951 or later. This means that starting in the year they turn 73, they must begin withdrawing a minimum amount from their retirement accounts (IRAs and employer-sponsored retirement plans). The Secure 2.0 Act of 2022 raised the RMD age from 72 to 73 for those who turn 72 after December 31, 2022, as stated by the IRS. For those born before 1951, the RMD age was previously 72.
The Required Minimum Distribution (RMD) age is generally 73 for individuals born in 1951 or later. This means that starting in the year they turn 73, they must begin withdrawing a minimum amount from their retirement accounts (IRAs and employer-sponsored retirement plans). The Secure 2.0 Act of 2022 raised the RMD age from 72 to 73 for those who turn 72 after December 31, 2022, as stated by the IRS. For those born before 1951, the RMD age was previously 72.
Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare. Also, QCDs don't require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving.
Feeding Greene is a 501(c)(3) and is therefore a qualifying agency. Your IRA custodian will be able to assist you with this process and if you have any questions for Feeding Greene, please contact Anna Brown [email protected] or (704)975-1600.
Feeding Greene is a 501(c)(3) and is therefore a qualifying agency. Your IRA custodian will be able to assist you with this process and if you have any questions for Feeding Greene, please contact Anna Brown [email protected] or (704)975-1600.