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Diocese of Kansas City St. JosephParish Toolkit: IRA Qualified Charitable Distributions 2022 UpdateParish Toolkit: IRA Qualified Charitable Distributions Contents Stewardship.........................................................................................................................................................
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How to fill out qualified charitable distributions how

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How to fill out qualified charitable distributions how

01
Determine if you are eligible to make qualified charitable distributions from your individual retirement account (IRA).
02
Contact your IRA custodian to request a distribution to be made directly to a qualified charity.
03
Provide the charity's information to your custodian, including the name and address.
04
Keep records of the distribution and provide the necessary documentation to your tax preparer.

Who needs qualified charitable distributions how?

01
Individuals who are at least 70 1/2 years old and have traditional IRA accounts may benefit from making qualified charitable distributions to fulfill their required minimum distributions while also lowering their taxable income.
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Qualified charitable distributions are direct transfers of funds from an IRA custodian to eligible charities. They can be used to fulfill required minimum distributions.
Individuals who are aged 70½ or older and have an IRA account are required to file qualified charitable distributions.
To fill out qualified charitable distributions, individuals must request the custodian of their IRA to make a direct transfer to the eligible charity.
The purpose of qualified charitable distributions is to allow individuals to donate to charity and fulfill their required minimum distributions without incurring tax liability.
The amount of the distribution, the name of the charity, and any relevant tax forms must be reported on qualified charitable distributions.
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