RMD to Charity
Hello Ms. Savage – Is it possible for a (traditional) IRA holder to direct the Trustee to make a payment directly to a qualified charity? Can such a contribution effectively reduce the taxpayer’s AGI? What would the 1099R provided to the IRS look like? In my case, a modest contribution will not help me on Schedule A. Thanks for any info you may provide.
Terry Says
If you are older than age 70-1/2 and thus subject to Required Minimum Withdrawals, you can direct the IRA custodian to make a payment of all or part of your RMD directly to a recognized 501c3 charity. Act quickly.
