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Benefit from a charitable contribution deduction without using SCH A itemized deductions on your tax return

Written by Stevens Group November 28, 2017

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If you are not able to itemize charitable deductions on your tax return, you can still benefit from a charitable deduction by taking a qualified charitable distribution from your IRA.
 
If it is structured correctly, your Required Minimum Distribution can be used as a charitable contribution and NOT taxable on your return, even if you do not have enough deductions to itemize.
 
What is a qualified charitable distribution?
 
Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity.
 
Can a qualified charitable distribution satisfy my required minimum distribution from an IRA?
 
Yes, your qualified charitable distributions can satisfy all or part the amount of your required minimum distribution from your IRA. For example, if your 2014 required minimum distribution was $10,000, and you made a $5,000 qualified charitable distribution for 2014, you would have had to withdraw another $5,000 to satisfy your 2014 required minimum distribution.
 
Ask how you could benefit from a qualified charitable distribution.

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