I made contributions to a traditional IRA after I turned 70 1/2. Can I do a QCD?

Russell
Russell Member Posts: 4 Newcomer
edited October 16 in Retirement Income

I made contributions to a traditional IRA after I turned 70 1/2. Can I do a QCD?

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  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 258

    Hi,

    Generally speaking, you can make a qualified charitable donation (QCD) after your turn 70 1/2, even if you recently donated to the IRA. It is also possible to rollover your pension to an IRA and then use that IRA to make a QCD. Check with your retirement administrator to see if that is an option.

    The tax benefits of making a QCD happen when you have a taxable distribution and the taxable amount is reduced by the QCD. If you don't have a taxable distribution, there is no benefit to the QCD.

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