QCD at 70.5
Bob turned 70 in May 2021. Does he need to wait until he physically crosses over the 70.5 date (in his case, November 2021) before he can do a QCD or will he have to report taxable distribution if he sends money directly from his IRA to a charity before he reaches 70.5? Thanks
Permalink Submitted by Alan - IRA critic on Mon, 2021-08-16 19:57
He must have reached 70.5 to the day to qualify for a QCD. If he has a distribution check made out to a charity before that date, it cannot be reported as a QCD. It will be a taxable distribution that could qualify for an itemized deduction if he is able to itemize.