IRA Charitable Rollover: Qualified Charitable Distribution

A qualified charitable distribution (QCD) allows individuals who are 70 ½ years old or older to donate up to $100,000 total to one or more charities directly from a taxable IRA instead of taking their required minimum distributions.

The money is a direct transfer from your IRA custodian to Penland. Since the IRA assets come directly to Penland, you don’t report QCDs as taxable income and don’t owe any taxes on the QCD, even if you do not itemize deductions. Some donors may find that QCDs provide greater tax savings than outright cash donations for which charitable tax deductions are claimed.

To make a QCD to Penland, contact your IRA custodian to assist you with completing the necessary forms.