RMD Charitable Distributions in 2020 from an IRA
CAN SOMEONE MAKE CHARITABLE CONTRIBUTIONS FROM THEIR IRA IN 2020 FOR ONLY PART OF THEIR RMD AND NOT TAKE THE ENTIRE RMD FOR 2020 (SINCE IT IS NOT REQUIRED THAT THEY TAKE AN RMD IN 2020.)
CAN SOMEONE MAKE CHARITABLE CONTRIBUTIONS FROM THEIR IRA IN 2020 FOR ONLY PART OF THEIR RMD AND NOT TAKE THE ENTIRE RMD FOR 2020 (SINCE IT IS NOT REQUIRED THAT THEY TAKE AN RMD IN 2020.)
Permalink Submitted by Alan - IRA critic on Sat, 2020-05-09 18:26
While there are no 2020 RMDs, a QCD can still be done and will not be included in taxable income. The QCD can be of any amount desired up to 100k. Another option is deferring the QCD to 2021 and make two years of QCDs in 2021 which would both be applied to reduce the RMD taxable income.