What is 70 1/2?

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jamorowitz
jamorowitz Member Newcomer
edited January 15 in Retirement Income

I will be turning 70 next year on May 9. For the purposes of a QCD, when am I 70 1/2? On November 10, or December 1? 70 1/2 seems kind of vague, and the IRS publications don’t seem to clarify it.

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  • Henry
    Henry FreeTaxUSA Agent
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    Hi jamorowitz! Good question! IRS Publication 590-B does state that for a QCD "You must be at least age 70 1/2 when the distribution was made" (see pg 14). That wording can be a little confusing, but the IRS is generally referring to the year in which you reach age 70 1/2. The IRS usually determines a person's qualification for various tax benefits by their status as of the last day of the year.

    You can contact your plan administrator in 2024 to verify your eligibility and make arrangements to take a QCD, if applicable.