@rdaigle13 wrote:
Thanks for your reply. It helped me to understand my situation better.
I’m retired with 2 sources of taxable income, Social Security and RMD. I was using the QCD to reduce reported income from my RMD. If I opt out of the RMD this year, then the QCD will have no effect on my reported RMD income and, therefore, no effect on my taxes.
You can, in 2020, just take a distribution from your IRA equal to the amount of the QCD and it will be tax free. That would give you additional income to pay the QCD without increasing your tax. Whether you take a such a distribution or not, either way there will be no effect on your tax, unless you otherwise itemize deductions, then the QCD could be deducted on schedule A as an itemized charitable deduction.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
