Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Personal Finance and Investing

progree

(11,812 posts)

14. I think for Qualified Charitable Deductions, it HAS TO BE a direct transfer

Reply to Steelrolled (Reply #13)

Wed Aug 12, 2020, 11:03 PM

Aug 2020

else it's considered a distribution and taxed. There's no 60 day rollover or any of this. Based on what I read in the Retirement Watch newsletter.... also ...

https://www.fidelity.com/building-savings/learn-about-iras/required-minimum-distributions/qcds#:~:text=A%20QCD%20is%20a%20direct,as%20certain%20rules%20are%20met.

Funds distributed directly to you, the IRA owner, and which you then give to charity do not qualify as a QCD.

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals

What is a qualified charitable distribution?
Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. See Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) for additional information.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

15 replies

= new reply since forum marked as read

Highlight:

Is there a limit on how much can be converted to Roth? [View all] question everything Aug 2020 OP

As far as I am aware there is no limit on how much you can convert from an IRA to a Roth still_one Aug 2020 #1

Why would anyone hate you? I would certainly hope no one that participates in this group would.... A HERETIC I AM Aug 2020 #2

Thank you, yes I do. question everything Aug 2020 #3

Vanguard probably has a calculator that might help... A HERETIC I AM Aug 2020 #4

I don't think so. I converted $60,000 one year, and $50,000 a couple other years progree Aug 2020 #5

P.S. - other considerations progree Aug 2020 #6

Thank you very much! question everything Aug 2020 #7

Another option to consider: Qualified charitable distributions UrbScotty Aug 2020 #8

Thank you. Interesting. question everything Aug 2020 #9

It's not taxable income, but it's also not deductible. UrbScotty Aug 2020 #10

Thanks for the link. question everything Aug 2020 #11

I was looking at transfer from one 401K to another and the only thing they Steelrolled Aug 2020 #13

I think for Qualified Charitable Deductions, it HAS TO BE a direct transfer progree Aug 2020 #14

I think that the charitable organization would know how it works question everything Aug 2020 #15

no limit. Consider the mariginal tax rate for the conversion though. Pobeka Aug 2020 #12