Are QCD's Good for 2020

[BruceD11]

I am over 70 1/2 and used QCD's last year (2019).  This tax year (2020) I had written QCD checks in January/Feb  2020 totaling 800.00.  When RMD's were canceled for 2020 I decided not to take any RMD's - BUT take a discretionary distribution of 800.00 just to cover the QCD's.  Have read in some finance columns that there is no tax benefit for QCD's in 2020 so do not take any RMD's.  Am I OK entering the 1099-R as 800.00 with taxable amount "0"?  Do I check the box in Turbo Tax indicating that this is not any RMD?

[DaveF1006]

Yes you can declare QCD this year for your $800 distribution. After you entered your information, there is a follow-up screen that asks Do any of these situations apply to you? Here you will select I transferred all or part of this money directly to charity.

Then in the next screen, you will select None of this withdrawal was a RMD.

[Edited 02-25-2021|04:42 PM PST

[dmertz]

And no, you don't enter $0 in box 2a of TurboTax's 1099-R form.  You must enter the Form 1099-R exactly as received.