Tag Archives: Charitable Contribution of IRA Distributions

Charitable Contributions of IRA Distributions [IRC §408(d)(8)]

30 January
Retirement Fund

Distributions from traditional IRAs are generally taxable. Contributions to charitable organizations are generally deductible as itemized deductions. If a taxpayer receives a distribution from an IRA, and then contributes the money to a qualified charity, the two transactions generally cancel each other out (distribution increases taxable income while the contribution decreases taxable income). However, since […]