Reduce your taxes with a QCD - Qualified Charitable Distribution

Charitable contributions from your IRA?

If you have reached 70 ½ years of age, and are subject to RMD (Required Minimum Distributions) from your IRA (adding to your reported income, grrr!), consider a QCD (Qualified Charitable Distribution) as a means to give to a charity (such as, your church!) and save on taxes.

A QCD is a direct transfer from your IRA to a charity (such as, your church!) that can reduce the reported income from your RMD directly on your 1040, without any need to itemize. It is a great way to pledge to your charity (such as, your church!) and reduce your reported RMD income at the same time.

There are some restrictions, and conditions that must be met, but consult IRS Pub. 590-B, and/or your IRA trustee and your tax preparer on how to accomplish a QCD for your favorite charity (such as, your church!)