A Tax-Efficient Way to Donate Money to Charity
By Staff Reporters
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A qualified charitable distribution (QCD) is a withdrawal from an individual retirement arrangement (IRA) that’s made directly to an eligible charity.
CITE: https://www.r2library.com/Resource/Title/0826102549
IRA account holders who were at least age 70.5 as of Dec. 31, 2019, can contribute some or all of their IRAs to charity.
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It might seem counterintuitive that anyone would want to give their savings away after making contributions for years in anticipation of the day when they would retire, but there can be tax advantages for doing so.
IRS: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals
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RISK MANAGEMENT: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989
Thank You
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Filed under: Accounting, Glossary Terms, Retirement and Benefits, Surveys and Voting, Taxation | Tagged: IRA, IRS, QCD, qualified charitable distribution |
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