Individual Retirement Accounts (IRA)
Gifts From Your IRA
Adults with Individual Retirement Accounts have an opportunity to use this asset for meaningful, substantial gifts. If you have sufficient funds to retire comfortably, consider donating assets from your IRA by directing a Qualified Charitable Distribution from your account. If you turned 70 ½ in 2020 and had planned on taking your Required Minimum Donation (RMD), we recommend that you seek advice from your financial advisor.
What does the new RMD age of 70 1/2 mean for qualified charitable distributions (QCDs)?
The SECURE Act does not change the date at which individuals may begin to use their IRA to make QCDs. Even though an individual turning 70½ in 2020 will not have to take an RMD for 2020, they may still make a QCD up to the annual limit of $100,000.
CARES Act
The new law temporarily suspends the requirement to take a required minimum (RMD) distribution for the 2020 tax year. Despite the RMD suspension, remember that if you are 70 ½ or older you can still direct a QCD from your IRA up to the annual limit of $100,000.