Time is running out! If you are age 70 ½ or older you must withdraw a minimum amount each year from your traditional IRA or employer sponsored retirement plan. This “required minimum distribution” (RMD) is counted towards your taxable income and failure to take your RMD by year end could result in an IRS penalty. A “qualified charitable contribution” (QCD) can be a convenient way to support charitable causes and obtain a tax break while meeting tax requirements for IRAs. Under the now permanent QCD rule, beginning at age 70 ½, you can donate all or part of your distribution directly from your IRA to a qualified charity (up to $100,000 per taxpayer per year). But unlike conventional RMDs, QCDs are excluded from your taxable income. Interested in taking advantage of the QCD rule? We recommend you consult a professional tax advisor for specific guidance on your personal tax situation.