Yes. They can be up to $100,000. Here are the rules for Qualified Charitable Contribution (QCD):
- You must be 70½ or older to be eligible to make a QCD.
- QCDs are limited to the amount that would otherwise be taxed as ordinary income. This excludes non-deductible contributions.
- The maximum annual amount that can qualify for a QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. (If, however, you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax year for up to $100,000.)
- For a QCD to count towards your current year's RMD, the funds must come out of your IRA by your RMD deadline, generally December 31.
- Any amount donated above your RMD does not count toward satisfying a future year's RMD.
- Funds distributed directly to you, the IRA owner, and which you then give to charity do not qualify as a QCD.
QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met. While the QCD amount is not taxed, you may not then claim the distribution as a charitable tax deduction.
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