The IRS requires you to take a minimum amount from your IRAs and Employer Sponsored Plans once you turn 70 ½ (Roth IRAs are not included). These required withdrawals are called Required Minimum Distributions (RMD) and are taxable in the year that they are withdrawn from your retirement account. For several years, taxpayers have been able to direct all or a portion of their RMD from an IRA account to a qualified charity up to a maximum of $100,000 per year. The ability to utilize this strategy, known as a qualified charitable distribution (QCD), was made permanent in 2015.
How Does a Qualified Charitable Distribution Work?
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