You can’t directly set up a QCD yourself. BUT here’s what you need to do:
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- Contact your IRA custodian (bank, brokerage) and inform them you want to make a Qualified Charitable Distribution.
- Specify the charity (Suncoast Storytellers Inc.) and donation amount (up to $105,000 per year).
- The custodian handles the transfer directly to the charity. This ensures it qualifies as a QCD.
Important to remember:
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- You must be 70 ½ years old or older.
- The distribution counts towards your required minimum distribution (RMD).
