This summary describes the important advantages and steps in making a qualified charitable distribution from your Individual Retirement Account (IRA), commonly referred to as a IRA charitable rollover.
Legislation enacted in December 2015 authorized charitable gifts from IRAs. Among the provisions of the bill is an exclusion from gross income for income tax purposes of up to $100,000 (for each IRA account owner) for “qualified charitable distributions” from an IRA. The distribution will count toward an individual’s Required Minimum Distribution (RMD). The statutory requirements for a “qualified charitable distribution” are as follows: