2013 Qualified Charitable Distributions Deadline

December 31, 2013 is the deadline for making a Qualified Charitable Distributions (QCD) from an IRA. The following are some general reminders:

1. QCDs can only be made from IRAs (Traditional IRAs, Roth IRAs and SEP & SIMPLES that are not ‘ongoing’.) This includes ‘Inherited/Beneficiary IRAs.
2. QCDs cannot be made from a qualified plan, such as a 401(k) plan, 403(b), or 457 plan
3. You must be at least age 70 ½ when the amount is withdrawn from your IRA
4. The charity must be ‘eligible’[1]
5. QCDs are limited to $100,000 per taxpayer for the year
6. The amount must be made payable to the charity

For more on QCDs, see the article Donating Retirement Assets to Charities