Can I make a tax-deductible donation from my IRA?

If you are 70½ years old or older, you can give up to $100,000 from your IRA directly to BiblicalTraining without having to pay income taxes on the gift.  It's through a tool called a QCD or a qualified charitable distribution.

A QCD is a withdrawal from an individual retirement arrangement (IRA) that's made directly to an eligible charity. IRA account holders who were at least age 70 1/2 can contribute some or all of their IRAs to charity. 1

It might seem counterintuitive that anyone would want to give their savings away after making contributions for years in anticipation of the day when they would retire, but there can be tax advantages for doing so.

It is wise to consult with your tax professionals if you are contemplating a QCD charitable gift.

Was this article helpful?
0 out of 0 found this helpful

Articles in this section

See more
Send us a note
If you can't find what you are looking for or need to let us know something, send us a note.
Follow us on Twitter
Get the latest news and updates first