Question for the Money Doctors
Question submitted on Apr 29, 2014.
QuestionFor 2014, can you contribute part of your RMD to charity and reduce your income? I understand the contribution must be sent directly to the charity by the custodian. Thank you.
The qualified charitable distribution rule you are referring to expired at the end of 2013. The rule allowed individuals over 70 1/2 to make distributions directly to charity from their IRA. The distribution was neither taxable nor deductible. Congress may extend the law for 2014, so you may still be able to take advantage of the provision before year end.
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