Common use of Qualified Charitable Distributions Clause in Contracts

Qualified Charitable Distributions. If you are age 70½ or older, you may be eligible to make a qualified charitable distribution (QCD) from your Traditional IRA. A qualified charitable distribution is generally not subject to federal income tax. If you make deductible Traditional IRA contributions for any year in which you are age 70½ or older, all or a portion of your qualified charitable distributions may be subject to federal income tax. Beginning in 2023, if you are eligible to make a QCD, you may make a one-time time election for a taxable year to treat any distribution from an IRA which is made directly to a split-interest entity (as defined by the Code, Regulations, and other IRS guidance) as a QCD. For 2023, the maximum QCD amount overall is $100,000. For 2023, the maximum QCD amount that may be paid to a split-interest entity under the special one-time election is $50,000. For future years the dollar limitations will be increased to reflect a cost-of-living adjustment, if any. For further detailed information you may wish to obtain IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), from the IRS. For assistance in determining whether you are eligible to make a QCD from your IRA, consult your tax advisor.

Qualified Charitable Distributions. If you are age 70½ or older, you may be eligible to make a qualified charitable distribution (QCD) from your Traditional IRAXxxx XXX. A qualified charitable distribution is generally not subject to federal income tax. If you make deductible Traditional IRA contributions for any year in which you are age 70½ or older, all or a portion of your qualified charitable distributions may be subject to federal income tax. Beginning in 2023, if you are eligible to make a QCD, you may make a one-time time election for a taxable year to treat any distribution from an IRA which is made directly to a split-interest entity (as defined by the Code, Regulations, and other IRS guidance) as a QCD. For 2023, the maximum QCD amount overall is $100,000. For 2023, the maximum QCD amount that may be paid to a split-interest entity under the special one-time election is $50,000. For future years the dollar limitations will be increased to reflect a cost-of-living adjustment, if any. For further detailed information you may wish to obtain IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), from the IRS. For assistance in determining whether you are eligible to make a QCD from your IRA, consult your tax advisor.

Qualified Charitable Distributions. If you are age 70½ or older, you may be eligible to make a qualified charitable distribution (QCD) from your Traditional IRAXxxx XXX. A qualified charitable distribution is generally not subject to federal income tax. If you make deductible Traditional IRA contributions for any year in which you are age 70½ or older, all or a portion of your qualified charitable distributions may be subject to federal income tax. Beginning in 2023, if you are eligible to make a QCD, you may make a one-time one‐time time election for a taxable year to treat any distribution from an IRA which is made directly to a split-interest split‐interest entity (as defined by the Code, Regulations, and other IRS guidance) as a QCD. For 2023, the maximum QCD amount overall is $100,000. For 2023, the maximum QCD amount that may be paid to a split-interest split‐interest entity under the special one-time one‐time election is $50,000. For future years the dollar limitations will be increased to reflect a cost-of-living cost‐of‐living adjustment, if any. For further detailed information you may wish to obtain IRS Publication 590-B590‐B, Distributions from Individual Retirement Arrangements (IRAs), from the IRS. For assistance in determining whether you are eligible to make a QCD from your IRA, consult your tax advisor.