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Next year Im turning 70 1/2 and Id like to know more about…

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Next year Im turning 70...
Next year Im turning 70 1/2 and Id like to know more about qualified charitable contributions (QCDs). I understand that I can use my RMD from a traditional IRA to fund a qualified charity each year. However, I read somewhere that this is only possible if my spouse and I dont have an employer-sponsored retirement plan. Im retired, but my wife is still working and is covered by such a plan. We do file our taxes separately; would it matter if we filed jointly. Is there a waiting period after I turn 70 1/2 before I can make my contribution? Finally, IRS Pub 590 states that 'the amount of the QCD is limited to the amount of the distribution that would otherwise be included in income', can you explain what this means? Thank you.
Submitted: 8 months ago.Category: Tax
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11/16/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,178
Experience: 15years with H & R Block. Divisional leader, Instructor
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago

'the amount of the QCD is limited to the amount of the distribution that would otherwise be included in income', can you explain what this means?

That relates back to if a person had any amount that was already taxed in the IRA. If withdrawn they are not taxed again (included in income) so no QCD is allowed on those amounts because they would not be taxable anyway.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago

Where did you read anything about your spouse disqualifying you if they have a retirement plan?. The QCD is only on your specific requirement.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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