QCD
Greetings,
If one missed their QCD in 2020, is their any leniency (CARES Act) for making said QCD in 2021 for 2020?
If not, is the QCD just for RMD’s or can it be any amount? I could double up in 2021.
Thanks,
Mike
Greetings,
If one missed their QCD in 2020, is their any leniency (CARES Act) for making said QCD in 2021 for 2020?
If not, is the QCD just for RMD’s or can it be any amount? I could double up in 2021.
Thanks,
Mike
Permalink Submitted by Alan - IRA critic on Fri, 2021-02-19 21:33
A QCD can be independent of the RMD, and you can do any QCD up to 100k in 2021. Some taxpayers intended to pass on a 2020 QCD when there was no RMD income to offset, and double up in 2021 where two years worth of QCDs could both reduce the taxable amount of the 2021 RMD. Your net tax bill over the two years will be lower, although the charity has had to wait a little longer.