The Cares Act suspension of required minimum distribution (RMD) has NOT been extended into 2021. The new RMD age is 72; however, if you are 70 ½ and older, you can make tax-free donations (up to $100,000) directly from your IRA to a qualified charitable organization.
- How to donate an IRA gift?
- Contact your IRA provider
- Must be 70 ½ and older
- Applies to Traditional IRAs
- The maximum amount cannot exceed $100,000 per tax year from an individual IRA.
- Distributions must be made payable to a qualifying charity.
- The transfer must be made by December 31st to count against the year’s RMD requirement.
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