For the past several years, clients who are 70-1/2 years of age or older have been able to make charitable donations of up to $100,000 directly from their IRAs. These donations, known as qualified charitable distributions (QCDs), can serve as required minimum distributions, thus reducing the donor's reported income.

These QCDs allow non-itemizers to get a tax benefit from an otherwise non-deductible donation. High-income taxpayers who would lose their tax breaks to phaseouts may also get some tax relief, since the amount of the QCD is not included in their reported income.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access