Qualified Charitable Distributions (QCD). If you have attained initial contribution. If you timely file your federal income tax return, age 70 1/2, you may be able to make tax-free distributions directly you may still recharacterize as late as October 15 for calendar year from your IRA to a qualified charitable organization. However, you filers. Recharacterizations must occur by transfer, which means that must track the amount of all deductible contributions made for tax the assets, adjusted for gains and losses on the recharacterized years while age 70 1/2 or older and then reduce the QCD claimed amount, must be transferred into another IRA. The recharacterized by those prior deductible contributions. Tax-free distributions are contribution is treated as though you deposited it into the second limited to $100,000. Qualified charitable distributions are not IRA on the same day you actually deposited it in the first IRA. permitted from an on-going SEP or SIMPLE IRA. Consult with Recharacterization transactions are reported to the IRS. The election your tax or legal professional regarding tax-free charitable to recharacterize may be completed on your behalf after your death. distributions. A written notice of recharacterization is required for RMDs For You.
Appears in 4 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
