topic QCD vs Standard Deduction in Deductions & credits

QCD vs Standard Deduction

Azor222 — Sat, 15 Mar 2025 03:07:26 GMT

As a single taxpayer that takes the Standard deduction am I eliminating my QCD from my RMD/IRA?

Re: QCD vs Standard Deduction

VolvoGirl — Sat, 15 Mar 2025 03:21:55 GMT

Not sure I understand your question. But if you do a QCD the Standard Deduction doesn’t matter. Yes the QCD comes off of your income before the Standard Deduction. A IRA QCD should be 0 taxable on 1040 line 4b and QCD written by it. Unless you have other 1099R taxable amounts on 4b. So it wipes out the RMD.

Re: QCD vs Standard Deduction

Azor222 — Sat, 15 Mar 2025 17:38:09 GMT

Turbo tax states in their QCD entry section that the charitable contributions made this way could not also be claimed in the Charitable Donations/Donations to Charities in 2024 (Deductions and Credits) section. Since Turbo Tax recommended after I completed my deductions that I take the Standard Deductible I wanted to know if the same requirement applies.

Re: QCD vs Standard Deduction

VolvoGirl — Sat, 15 Mar 2025 17:46:05 GMT

Yes since you are already getting a deduction for the QCD (because it's not included in your taxable income in the first place) you can't enter it in Deductions. You get a deduction for it whether you take the Standard Deduction or Itemize. It's called an Above the Line deduction which is better since it reduces your income before the standard deduction.

Re: QCD vs Standard Deduction

Azor222 — Sat, 15 Mar 2025 18:54:16 GMT

Thanks, I will file both with the QCD along with the Standard Deduction and see how it goes.