Tax free gifts through your qualified charitable distributions
A few years ago, congress has passed a permanent law allowing you to give money to charity directly from your IRA — without counting it as taxable income.
If you are 70½ or older and need to complete your required taxable IRA distribution before the end of the year, consider making all or part of your distribution a tax-free gift to a 501(c)(3) charity, like Goldie Floberg. This “qualified charitable distribution” or QCD will not be considered as part of your taxable income, and you may even make multiple QCD gifts to different charities (as long as they don’t total more than $100,000 in a calendar year).
Talk to your investment professional or tax advisor today to complete your distribution gift before the end of the 2018 tax year. Your charitable distribution check should be made payable to your charity of choice to be considered a QCD.
This law does not have an expiration date, so you are free to make annual gifts from your IRA this year and well into the future.
Please consult with your investment professional or tax advisor for complete details and additional questions.