If you are over age 70½, have a required minimum distribution (RMD) from your IRA and have a desire to support a charitable cause, you should consider the use of a qualified charitable distribution (QCD). You may be unaware that you can donate up to $100,000 of your RMD directly to a charity without getting taxed on the distribution.
Among other restrictions, the charity you want to support must be a qualified 501(c)(3) institution that is eligible to receive tax-deductible contributions. The Denver estate lawyers at Brown & Crona, LLC have found an excellent resource to help you understand the many different factors, rules, strategy options that exist with QCDs and traditional charitable contributions and how to file taxes with a QCD:
The author of the QCD resource, Cascade Financial Management, Inc., is a trusted financial resource in Denver for many of our clients. If you have questions after reviewing the document, our estate planning lawyers in Colorado would be happy to help, We invite you to contact us at (303) 339-3750 or send us a message online. We can help you incorporate a QCD into your estate plan, if necessary.