Distributions from a traditional Individual Retirement Account (IRA) are generally taxable when received, though exceptions exist. For charitably inclined taxpayers who are at least 70½ years old, one tax-favored exception is the qualified charitable distribution (QCD). A QCD is a nontaxable distribution made directly by an IRA’s trustee to organizations that are qualified to receive tax-deductible contributions. A QCD can benefit taxpayers by letting them support the qualified charity of their choice, while reducing their taxable income. With a QCD, there’s no need to itemize deductions. The maximum annual QCD exclusion is $100,000. Here’s more: https://bit.ly/3A2PUGy Call or visit our website for more information! www.mjscpa.com/
