Minimum Age for Tax-Free IRA Gifts to Charity

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published 6 July 2018

Question:

I’m 69 years old, and I’m trying to determine if I can transfer money from my IRA to charity now without having it taxed as income. Or do I have to wait until age 70½?

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You can always withdraw money from your IRA before turning 70½ and give it to charity, but it will be reported as income on your tax return. If you itemize, you can then deduct the gift as a charitable contribution. However, fewer people will be itemizing this year, now that the standard deduction has more than doubled under the federal tax law passed late last year. For taxpayers age 65 and older, the standard deduction for 2018 is $13,600 for singles and $26,600 for married joint filers.

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Ask Kim

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.