2020 RMD with QCD
FACTS: I am over age 72 and have taken RMDs for several years. I took most of my 2020 RMD early in January. I made QCDs in February which qualify as a small portion of my 2020 RMD. I will complete my 2020 RMD in November thru monthly payments. I am not eligible to roll over my 2020 RMD under the SECURE Act because more than 60 days has passed since I took my 2020 RMD. QUESTIONS: 1. Since my 2020 RMDs are now waived, will my 2020 QCDs still reduce my 2020 tax bill by offsetting a portion of the 2020 RMD I have already taken? 2. What, if any, effect does taking my 2020 RMD have on my overall tax return for 2020? The way I see this is: I will report the 2020 RMD amount less the 2020 QCD amount, as taxable income. My research into this question has resulted in many confusing answers. I apologize for all the "2020s" above! Thank you for your response(s).
