Qualified Charitable Distribution (QCD)

If you are over 70 ½ and have an IRA, you are required to take a yearly Required Minimum Distribution’ (RMD) which is treated as regular income for tax purposes. You have the option of contributing part or all of your RMD to any tax exempt organization. This contribution is called a QCD or Qualified Charitable Distribution and must go directly from the financial institution that holds your IRA to the charity. You can count it as your RMD, you do not claim it as regular income, but you can not claim it as a charitable contribution on your tax return. If you give a QCD to Opera in Williamsburg, Inc., you can designate it for the annual fund, endowment, or for any special opera that is important to you. With any questions please call Paul Try at (757) 254-1149.