IRA Direct Charitable Distribution:
To eliminate or reduce the impact of RMD income, make a qualified charitable distribution (QCD). If someone is 70 1/2, they can transfer up to $100,000 per person per year directly from a traditional IRA to a public charity and the money is completely excluded from income taxes. It is still considered part or all of your required minimum distributions (RMDs) for the year. You won’t have to itemize your deduction to gain the tax benefit, since it is deducted from the taxable IRA distributions on your 1040. You may do this if you are younger than 70 1/2, and have a RMD from a beneficiary traditional IRA.
Use your IRA provider’s QCD or one time distribution form. The IRA provider sends a check directly to the church.
Payee: Idyllwild Community Church
PO Box 537
Idyllwild, CA 92549-0537
You should keep an acknowledgement of the donation from the charity for your tax records. A QCD is reported by your IRA custodian as a normal distribution on IRS Form 1099-R for any non-Inherited IRAs. Please consult a tax advisor to learn more.