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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
Tax deferral
Shifting income to a later year, such as where you defer taxable interest to the following year by purchasing a T-bill or savings certificate maturing after the end of the current year. Investments in qualified retirement plans provide tax deferral.
