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Submitted By: someone
Answered: November 19, 2018 10:21 pm
Answered: November 19, 2018 10:21 pm
I’m 72 years old. Can I take a qualified charitable distribution from my SEP?
A qualified charitable distribution (QCD) can only be taken from a traditional or Roth IRA. It cannot be taken from a SEP or SIMPLE-IRA. However, SEPs and SIMPLE-IRAs can be rolled over to an IRA and then QCDs can be taken from the IRA.
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Tax Glossary
Modified adjusted gross income (MAGI)
This is generally adjusted gross income increased by certain items such as tax-free foreign earned income. MAGI usually is used to determine phaseouts of certain deductions and credits.
