You'll need to sign in or create an account to connect with an expert.
No, you cannot. The Qualified Charitable Deductions from IRAs have other benefits. The Qualified Charitable Deductions from IRAs cannot also be counted as a charitable itemized deduction. It directly reduces your AGI (adjusted Gross income) as well as your taxable income. Lower AGI usually makes you more eligible for other tax benefits. The QCD comes directly off your income before taxable income is determined.
A charitable deduction from your checking account is only an itemized deduction. You must have sufficient other itemized deductions, to exceed your standard deduction before you get any tax benefit from a charitable deduction. If your total itemized deductions are close to the standard deduction, you may not get the full benefit of making a charitable contribution from your checking account.
No, you cannot. The Qualified Charitable Deductions from IRAs have other benefits. The Qualified Charitable Deductions from IRAs cannot also be counted as a charitable itemized deduction. It directly reduces your AGI (adjusted Gross income) as well as your taxable income. Lower AGI usually makes you more eligible for other tax benefits. The QCD comes directly off your income before taxable income is determined.
A charitable deduction from your checking account is only an itemized deduction. You must have sufficient other itemized deductions, to exceed your standard deduction before you get any tax benefit from a charitable deduction. If your total itemized deductions are close to the standard deduction, you may not get the full benefit of making a charitable contribution from your checking account.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
run2winmom
Returning Member
MissKaren
Returning Member
levijmiller89
New Member
cmac5
New Member
patricia-l-duff
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.