IRA Qualified Charitable Distribution (QCD)

If you are 72 years old or older, you can take advantage of a simple way to benefit For The Love Of Alex Inc and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity such as FTLOA without paying income taxes. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

In late 2022, Congress passed legislation that raised the age you have to start taking Required Minimum Distributions (RMD) from 72 to 73 years old starting in 2023. This means that if you turned 72 in 2022, you’ll need to take your first RMD by April 1, 2023 and will need to make another one by the end of 2023. If you turn 72 in 2023, you won’t have to take an RMD until the 2024 tax year (when you turn 73), which will be due by April 1, 2025.

Please contact your Financial Planner or Fund Manager for more details.