qbteachmt
Level 15
07-02-2024
12:31 PM
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The IRS knows:
"They can inform their IRA administrator to make the contribution directly to the charity."
Have to. Not a Can, but a Must.
"Can they consider this amount as their RMD?"
"If so, I believe the amount would be excluded from their taxable income."
Yes.
"Can the OCD be considered a charitable contribution, allowing them to itemize?"
No. It would typically be reportable income and then offset by that deduction. A QCD already excludes the distribution from being reported as income. Can't double-dip it.
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers