A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.
Can I make a QCD
You must be 70½ or older to be eligible to make a QCD.
QCDs are limited to the amount that would otherwise be taxed as ordinary income. This excludes non-deductible contributions.
The maximum annual amount that can qualify for a QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. (If, however, you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax year for up to $100,000.)
For a QCD to count towards your current year's RMD, the funds must come out of your IRA by your RMD deadline, generally December 31.
note that the QCD is not a Schedule A deduction. it reduces the taxable portion of the distribution Say your fully taxable RMD is $10,000 $5,000 from the IRA account goes to a qualified charity. the Trustee will report a $10,000 distribution on 1099-R. they do not report the QCD. In TT you will need to enter the QCD amount. the result is that page 1 of 1040 will show only $5,000 taxable.
