Thanks for this answer. Much appreciated. However, what is confusing is that the IRS instructions (Pub 590) says:
"Offset of QCDs by amounts contributed after age 70½. Beginning in tax years after December 31, 2019, the amount of QCDs that you can exclude from income is reduced by the excess of the aggregate amount of IRA contributions you deducted for the taxable year and any prior year that you were age 70½ or older over the amount of such IRA contributions that were used to reduce the excludable amount of QCDs in all earlier years."
Does that not suggest that if you made a deductible IRA contribution (or contributions after turning 701/2), whether to a SEP IRA or Traditional IRA, then the QCD up to that amount is not excludable from taxable income? I wish the wording was clearer.
