{"id":22188,"date":"2023-11-29T10:00:51","date_gmt":"2023-11-29T15:00:51","guid":{"rendered":"https:\/\/www.vrg.org\/blog\/?p=22188"},"modified":"2023-11-09T11:48:13","modified_gmt":"2023-11-09T16:48:13","slug":"qualified-charitable-distributions-qcd-from-iras-3","status":"publish","type":"post","link":"https:\/\/www.vrg.org\/blog\/2023\/11\/29\/qualified-charitable-distributions-qcd-from-iras-3\/","title":{"rendered":"QUALIFIED CHARITABLE DISTRIBUTIONS (QCD) FROM IRAS"},"content":{"rendered":"<p><a href=\"https:\/\/www.vrg.org\/blog\/wp-content\/uploads\/2023\/11\/Untitled.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-22189\" src=\"https:\/\/www.vrg.org\/blog\/wp-content\/uploads\/2023\/11\/Untitled.png\" alt=\"\" width=\"297\" height=\"170\" \/><\/a><\/p>\n<p>You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022).\u00a0 Roth IRA\u2019s are under different rules.<\/p>\n<p>Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts).<\/p>\n<p>Required beginning date for your first RMD (Required Minimum Distribution) is April 1 of the year following the calendar year in which you reach age 72 (73 if you reach age 72 after Dec. 31, 2022).<\/p>\n<p>For each year after your required beginning date, you must withdraw your RMD by December 31. (You can make your first withdrawal by December 31 instead of waiting until April 1 of the following year. This would allow the distributions to be included in your income in separate tax years.)<\/p>\n<p>Generally, you can distribute up to $100,000 each year directly from a Traditional IRA to qualified charities, such as The Vegetarian Resource Group. This qualified charitable distribution (QCD)\u00a0can count toward your RMD and won\u2019t be included in your taxable income. You can start QCD at 70\u00bd. Note that the QCD can\u2019t be paid to the IRA owner first, but must be paid directly to the charity. You\u2019ll have to assess your situation and benefit of starting QCD at 70\u00bd or waiting until 72, 73, or older.<\/p>\n<p>This is not specific or personal tax or legal advice, for which you should speak to your financial advisor. Here is IRS information: <a href=\"https:\/\/www.irs.gov\/newsroom\/reminder-to-ira-owners-age-70-and-a-half-or-over-qualified-charitable-distributions-are-great-options-for-making-tax-free-gifts-to-charity\">https:\/\/www.irs.gov\/newsroom\/reminder-to-ira-owners-age-70-and-a-half-or-over-qualified-charitable-distributions-are-great-options-for-making-tax-free-gifts-to-charity<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022).\u00a0 Roth IRA\u2019s are under different rules. Your withdrawals will be included in your taxable income except for any part that was taxed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22188","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/posts\/22188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/comments?post=22188"}],"version-history":[{"count":1,"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/posts\/22188\/revisions"}],"predecessor-version":[{"id":22190,"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/posts\/22188\/revisions\/22190"}],"wp:attachment":[{"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/media?parent=22188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/categories?post=22188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vrg.org\/blog\/wp-json\/wp\/v2\/tags?post=22188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}