Question about IRA charitable contributions?

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7BeachbUm0
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Joined: Sun Nov 17, 2013 10:32 am

Question about IRA charitable contributions?

Post by 7BeachbUm0 » Fri Dec 07, 2018 11:45 am

I have a traditional IRA and am over 59 1/2. Can I make a contribution from this account, directly to a qualified charity without any tax implications? I know this is possible after starting RMDs but not sure about before that time?

trirod
Posts: 95
Joined: Wed Jul 18, 2007 11:54 am

Re: Question about IRA charitable contributions?

Post by trirod » Fri Dec 07, 2018 11:50 am

No - you have to be 70.5 to be able to make a Qualified Charitable Distribution from your IRA.

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HueyLD
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Re: Question about IRA charitable contributions?

Post by HueyLD » Fri Dec 07, 2018 2:31 pm

7BeachbUm0 wrote:
Fri Dec 07, 2018 11:45 am
I have a traditional IRA and am over 59 1/2. Can I make a contribution from this account, directly to a qualified charity without any tax implications? I know this is possible after starting RMDs but not sure about before that time?
Are you open to the idea of withdrawing from the IRA first, and then write a check to the charity of your choice?

The above assumes the following:

(1) You are under 70 1/2,

(2) You want to donate to charities now,

(3) You don’t have enough money in taxable to make the donation, and

(4) You can offset the increase in AGI with a corresponding full deduction because you have more than enough to itemize.

Yes? No?

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