A QCD is a direct transfer of funds from an individual retirement account (IRA) to a qualified charitable organization without incurring income tax on the distribution.
Individuals who are 70½ years or older and have traditional IRAs are eligible to make a QCD.
No, QCDs are not subject to income tax as long as they meet the IRS requirements.
No, QCDs can only be made from traditional IRAs. Roth IRAs are not eligible for QCDs.
While QCDs offer tax advantages, it's essential to consult with a financial advisor or tax professional to understand how this strategy aligns with your specific financial situation and goals. They can provide personalized guidance based on your circumstances.
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This list of FAQs is for informational purposes only, and it's always advisable to seek advice from a professional advisor for specific questions related to your individual financial and tax situations.
To make a charitable donation through a QCD, please consult with your financial advisor or tax professional to ensure the process aligns with your individual financial goals and circumstances.
For additional information concerning QCD donations, please contact Chief Financial Officer, Brad Jewell at 225-763-2684 or bjewell@phikappaphi.org.