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  • Inherited IRA RMD/QCD question

    From John Levine@21:1/5 to All on Thu Jan 20 19:04:40 2022
    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?

    --
    Regards,
    John Levine, johnl@taugh.com, Primary Perpetrator of "The Internet for Dummies",
    Please consider the environment before reading this e-mail. https://jl.ly

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  • From ira smilovitz@21:1/5 to John Levine on Thu Jan 20 22:31:20 2022
    On Thursday, January 20, 2022 at 7:09:16 PM UTC-5, John Levine wrote:
    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?

    --
    Regards,
    John Levine, jo...@taugh.com, Primary Perpetrator of "The Internet for Dummies",
    Please consider the environment before reading this e-mail. https://jl.ly

    --

    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

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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    * Origin: fsxNet Usenet Gateway (21:1/5)