QCDs are not deductible, AFAIK. However, they are tax-free, which is very useful. (The amount needs to be identified as QCD on the 1040 income tax form.)
QCDs can be part or all of the Required Minimum Distribution if taken before or while RMDs are being distributed. Any QCDs taken later are still tax-free, but do not reduce taxes on the RMDs already taken.
In other words, do the QCD first, then take the rest of the RMD for the year.
QCDs can be part or all of the Required Minimum Distribution if taken before or while RMDs are being distributed. Any QCDs taken later are still tax-free, but do not reduce taxes on the RMDs already taken.
In other words, do the QCD first, then take the rest of the RMD for the year.
Statistics: Posted by BL — Wed Jun 05, 2024 12:46 am