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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:
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:
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?
How and where is a QCD entered on the tax forms?
Enter the 1099-R and then complete the rest of the interview in that section to indicate the QCD amount.
Follow these steps to report Qualified Charitable Distribution from RMD reported on an IRS form 1099-R:
See also this TurboTax Help.
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