Submitted By: Fred
Answered: September 16, 2016 1:22 pm

What documentation do I need to establish a qualified charitable distribution (QCD)?

If you are at least 70-1/2 years old by the end of the year, you can make a direct transfer to a public charity up to $100,000. The portion transferred is not taxable, and it counts toward your required minimum distribution. The IRS doesn’t ask that you have personal documentation. Form 1099-R indicates whether your IRA distribution is a QCD. However, the financial institution where you maintain your IRA may ask for your personal letter instructing it to make a direct transfer; you supply the name of the charity. Some financial institutions let you give instructions over the phone or online.

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Tax Glossary

Points

Charges to the homeowner at the time of the loan. A point is equal to 1 percent. Depending on the type of loan, points may be currently deductible or amortized over the life of the loan.

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