Permalink Submitted by Alan - IRA critic on Thu, 2020-11-05 00:58
Yes, in fact QCDs can be done as early as 70.5. This late in the year it is probably better to hold the QCD until January when RMDs will resume. A QCD provides larger tax savings if it offsets IRA income you have to take as RMDs, rather than them when there are no RMDs (this year), or after your RMD is already completed in 2021 or subsequent years.
Good that client seems to know that a QCD cannot be done from an “on-going” SEP or SIMPLE IRA, so any future QCDs must be done from the TIRA.
Permalink Submitted by Alan - IRA critic on Thu, 2020-11-05 00:58
Permalink Submitted by Urbin McKeever on Thu, 2020-11-05 16:10
Great. Thank you!