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Get your taxes done using TurboTax
Your 2021 tax return will include From 5329 Part IX requesting a waiver of the excess accumulation penalty since the distribution has now been taken.
The distribution taken in 2022 and the fact that it was done as a QCD will be reportable on your 2022 tax return, not on your 2021 tax return. Be aware that the sum of an individual's QCDs in 2022 is not permitted to exceed $100,000. The fact that a distribution was or was not a RMD has no bearing on whether the distribution qualifies as a QCD. Your late-taken distribution qualifies as a QCD if you were at least age 70½ at the time of the distribution (you were) and it was paid directly to charity from your IRA (it was).
March 15, 2022
11:28 AM