topic RMD donations to charities in Get your taxes done using TurboTax

RMD donations to charities

hlboatright — Wed, 30 Oct 2024 16:03:24 GMT

Is there a way to estimate how the amount of your donation with effect your taxes due?

Re: RMD donations to charities

VolvoGirl — Wed, 30 Oct 2024 16:07:47 GMT

If you are making a QCD Qualified Chartable Contribution directly from your RMD the amount will not add to your income and not be taxed at all and the donation is not deductible. That's what I'm doing. If you are getting the RMD and making the donation separately it may or may not make a difference.

All your itemized deductions have to be more than the standard deduction to get any benefit (so you would only be getting the benefit of the amount that puts you over the standard deduction). And since the Standard Deduction is increased more people will not need to Itemize. And several deductions are limited like Medical and State taxes paid.

Re: RMD donations to charities

Andrew_W — Wed, 30 Oct 2024 16:10:27 GMT

Hi hlboatright,

TurboTax has a calculator that you can use to estimate your refund or balance due, and includes a section to indicate donations.

Here is the link: TurboTax TaxCaster

Please note - it is still geared for the 2023 tax year. It will be updated in the next few weeks for 2024 but is still a useful tool to give you an estimate. You can also bookmark the link and check back for the calculator to update to get a closer estimate once the 2024 calculator is active.