contributions from IRA in 2020
On the assumption that the RMD for 2020 would be taxed, I contributed a substantial amount of QCDs to cover the amount of the RMD. Unfortunately, I had the QCDs issued before I withdrew the RMD. Then, because of the pandemic, the RMD did not need to be withdrawn and taxed in 2020. Can the QCDs be used as charitable deductions on my 2020 tax filing? My CPA was uncertain.
Terry Says
Yes, you can still deduct up to $100,000 of qualified charitable contributions in 2020, even though no RMD was required.
Tell your accountant to become an IRA expert with Ed Slott!
Here’s the link to his answer to that question.
