I have an IRA I inherited from my father. Because it is an inherited IRA, I have to take an RMD even though I am under 70.
Is there any way to make that RMD into a QCD? I realize I can take the RMD and then donate it but it counts as part of my income in that case.
Any way I can do a QCD or do I have to wait until I am 70.5?
QCDs are independent of RMDs. You have to take RMDs from a regular IRA when you turn 72. Depending on when you inherited the IRA, you may be able to take RMDs over your lifetime, or you may have to empty the IRA within 5/10 years. QCDs can be made once you turn 70.5 (not in the year you turn 70.5, you actually have to attain 70.5 before the QCD is made.)
Ira Smilovitz, EA Leonia, NJ
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