QCD's and RMD's

[Scorp_930]

I have already withdrawn my entire RMD as taxable income.  Can I still make a QCD and claim it as non-taxable income?  (up to the $100,000 limit)

[ColeenD3]

Yes. You can use a QCD to satisfy your RMD for the year. A QCD can exceed your RMD amount for the year as long as it does not exceed the $100,000 annual limit.

If you are the IRA participant, for TurboTax to ask if any portion of your distribution was transferred to charity, your birthdate entered into TurboTax must indicate that you were at least age 70½ by the end of the tax year, the Form 1099-R must have code 7, and the IRA/SEP/SIMPLE box must be marked.

[Scorp_930]

Thank you for this, which is how I understand the law.  However, your reply repeats much of the confusion that prompted my original question.  

As stated at the beginning of my question, I will have satisfied my RMD with taxable withdrawals long before I need to make any charitable contributions, which means that none of my QCD's will go towards my RMD.

As I read the law, I can still make a QCD up to the $100K limit, which will still be considered pre-tax income.

Also, I can either claim the standard deduction or itemize provided I do not include the charitable contributions on Schedule A.

Is that correct?

[BillM223 · Accepted solution]

The RMD and the QCD are independent of each other, even though the QCD can count as part or all of your RMD, as a convenience.

So, yes, you can take a QCD even if no part of it was an RMD. In the 1099-R interview, just answer that none of the distribution was the RMD, then answer what part (or all) was the QCD.

And, yes, any QCD amount may not be entered on Schedule A.

Does that make sense?