Qualified Charitable Distribution (QCD)
Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches
December 17, 2015
It depends.
If you are not an active participant or married to an active participant, the contribution is fully deductible.
If you are an active participant, and/or married to an active participant, the deductibility of the contribution would be determined by your modified adjusted gross income (MAGI) amount and tax filing status.
Despite the fact that you worked for only one month, you can still be considered an active participant if you received contributions and/or benefits under the plan. However, the determination of your ‘active participant ‘status depends on the type of retirement plan, your eligibly for participating in the plan and/or if contributions are made to the plan for the year.
Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches
Who is an active participant? Active participant status affects an individual’s eligibility to take a deduction for a contribution to a traditional IRA on his/her
Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the
Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages contributed to his/ her employer sponsored plan rather than
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