- The taxpayer must be at least 70.5 years old and subject to the required minimum distribution rules.
- The distribution must be a direct trustee-to-trustee transfer. The IRA trustee must transfer the money directly to the charity; taxpayers cannot get the distribution in their hands, then donate it to the charity.
- One hundred percent of the transfer must qualify as a charitable contribution eligible to be deducted on Schedule A.
- The maximum amount that can be excluded from taxable income for the year is $100,000.
Charitable Transfers Get Maximum Return on 'Minimum Distribution'
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.