BERKELEY HEIGHTS, N.J. (TheStreet) -- Tax legislation passed in December extends qualified charitable distributions -- an IRA distribution paid directly to a charitable organization from IRAs -- through this year. QCDs are excluded from the taxpayer's gross income for federal tax purposes and count toward an individual's Required Minimum Distribution for the year. Since the IRA distribution is not reportable as income, though, the individual cannot claim a charitable deduction for the QCD.So who does a QCD make sense for?
|Qualified charitable distributions are a good vehicle for those making charitable donations, even by auction, above their adjusted gross income.|
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