What Are the Qualifications for Charitable Donations. The Pension Protection Act of 2006 allows Traditional IRA holders who are RMD age or older at the time of a distribution to annually exclude qualified charitable distribution amounts up to $100,000 per year from gross income. The provision was made permanent by the PATH Act of 2015. A qualified charitable distribution must be made payable directly to the qualified charity as described in Section 170(b) of the Internal Revenue Code. A qualified charitable distribution may be allowed from a SEP or SIMPLE IRA designated as “not ongoing.” Please contact the Internal Revenue Service or a tax advisor to determine if your SEP or SIMPLE IRA qualifies for this designation.
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Samples: Custodial Account Agreement, Custodial Account Agreement, Custodial Account Agreement
