No. A direct transfer of funds from your IRA custodian, payable to a qualified charity is referred to as a Qualified Charitable Distribution (QCD). QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met. While the QCD amount is not taxed, you may not then claim the distribution as a charitable tax deduction.Here are the requirements for making QCDs: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.Any amount donated above your RMD does not count toward satisfying a future year's RMD.Funds distributed directly to you, the IRA owner, and which you then give to charity do not qualify as a QCD.

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marshall_swift

Level 1

Solved

Deductions to a charitable organization from a required RMD account...is this both not counted as income and still able to deduct as a contrbution

Forum|Forum|7 years ago
June 6, 2019
3 replies
7 views

No text available

TurboTax Deluxe Windows

Best answer by DavidD66

No. A direct transfer of funds from your IRA custodian, payable to a qualified charity is referred to as a Qualified Charitable Distribution (QCD). QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met. While the QCD amount is not taxed, you may not then claim the distribution as a charitable tax deduction.

Here are the requirements for making QCDs:

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.
Any amount donated above your RMD does not count toward satisfying a future year's RMD.
Funds distributed directly to you, the IRA owner, and which you then give to charity do not qualify as a QCD.

DavidD66Answer

Level 15

Here are the requirements for making QCDs:

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.
Any amount donated above your RMD does not count toward satisfying a future year's RMD.
Funds distributed directly to you, the IRA owner, and which you then give to charity do not qualify as a QCD.

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SweetieJean

Alumni - Champ

Just be aware that some states do not recognize QCD's, so you may owe state taxes.

azowenverizon

Level 2

It was widely reported that the RMD could be counted as a reduction in income if the RMD was contributed to a 5019(c)3 organization. How do I report it?

azowenverizon

Level 2

How and where is a QCD entered on the tax forms?