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Submitted By: someone
Answered: March 17, 2022 2:54 am
Answered: March 17, 2022 2:54 am
I made a qualified charitable distribution from my IRA. Can I take a charitable contribution deduction?
No. A qualified charitable distribution (QCD) up to $100,000 from an IRA by those age 70½ or older is not includible in gross income and it counts toward required minimum distributions (RMDs) you would otherwise have to receive. However, no deduction can be claimed for the amount going to charity.
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Tax Glossary
Adjusted basis
A statutory term describing the cost used to determine your profit or loss from a sale or exchange of property. It is generally your original cost, increased by capital improvements, and decreased by depreciation, depletion, and other capital write-offs.
