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Qualified Charitable Distributions (QCD)

I take the standard deduction and I have been following QCDs. They were ok in

2010 and 2011 but not ok in 2012. But now they may be ok for 2012 on a backfit basis and are ok for 2013. Here is the IRS announcement:
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I only care about 2013 and beyond. I understand this means I can move money from my IRA to any qualified charity without counting it as income. It will count toward my Required Minimum Distribution. I have seen any limits on the frequency or amounts.

Monthly payments to my church or once a year donations to charities of universities are allowable. If I want to give a lot of money to endow something, that's ok too. There is no effect on AGI which is a good thing.

With some planning, it appears I can effectively deduct all my charitable contributions on top of my standard deduction. I would expect my IRA holder to set up a QCD paying plan, any amount, any time just like bill paying but from my IRA to a charity.

What am I missing?

Thanks JoeT for inviting me in. Frank

Reply to
Franksplace2
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OK but it's not too late for a QCD in January and count it for 2012.

So long as it is direct from the IRA to the charity and not through you cannot take possession.

It will count toward my Required

Probably up to the custodian, who might be willing to make a few QCDs on different dates, but not dozens.

I think if you try to give to a donor advised fund that;s not allowed.

Reply to
Arthur Kamlet

2010 and 2011 but not ok in 2012. But now they may be ok for 2012 on a backfit basis and are ok for 2013. Here is the IRS announcement:

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I only care about 2013 and beyond. The provision was extended only through 2013.

without counting it as income. It will count toward my Required Minimum Distribution. I have seen any limits on the frequency or amounts.

The annual limit is $100,000.

All the details and how to report on your return are in Publication 590.

Phil Marti VITA/TCE Volunteer Clarksburg, MD

Reply to
Phil Marti

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