I'm 70 1/2. Can I do a QCD (Qualified Charitable Distribution)? I've been told that I can't until I am RMD age (73). I found an IRS Article that implies that I can.

[RSTax]

I haven't found a definitive answer on this.

[DavidD66 · Accepted solution]

Yes, you can make a Qualified Charitable Distribution.  A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. A QCDs counts toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.  To make a QCD, the following rules apply:

• 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.
• If you contribute to an IRA, it may result in a reduction of the QCD amount you can deduct.