Ask Bob: IRA Checking Accounts and Using PayPal for Donations
Robert Powell, CFP®
Question: I have been reading anything I can get my eyes on relating to QCD, IRMAA, AGI, and the like. In my IRA with I have arranged for check writing, so I can send a check directly to a suitable charity. There are times, however, where a check may not cut it. For example, a PTA project or other legitimate fundraiser like a walk-a-thon that needs a quick online donation.
Enter PayPal. I use the IRA checking account as a pay-from account and it is clear using the IRA statement and the PayPal statement that the funds never touched my hands personally. I am interested in your thoughts.