The Qualified Charitable Distribution (QCD) rule allows traditional Individual Retirement Account (IRA) owners to deduct their Required Minimum Distributions (RMDs) on their tax returns if they give the money to a tax-exempt 501 (c)(3) organization (other than a DAF).

To make a QCD, you must be at least 70½ years old on the date of the distribution. The amount of a QCD cannot exceed $100,000 per year for individual taxpayers or $200,000 per year for married couples filing jointly. You do not have to itemize deductions in order to benefit from a QCD.

To see whether your Retirement Account qualifies for this tax-saving provision, click here.

To learn more, here are some articles that may be helpful:

— Two tax-smart strategies for charitable giving with an IRA

— How to Reduce Your Taxes and AGI by Giving to Charity

We recommend you consult a tax or investment professional to understand how this applies to you.

Yes. You will receive a tax receipt from what ever 501(c)(3) entity processed the donation (sometimes a fiscal sponsor). Receipts will go out in January of the year following the donation.