Did You Know? Tax Tip Provided by H2R CPA

January 3, 2022

Did You Know?

Your qualified charitable distributions can satisfy all or part the amount of your Required Minimum Distribution (RMD) from your IRA. For example, if your 2021 required minimum distribution was$10,000, and you made a $5,000 qualified charitable distribution for 2021 you would have had to withdraw another $5,000 to satisfy your 2021 RMD.

How it Works

Charitable distributions are reported on Form 1099-R for the calendar year the distribution is made. Please make sure that you advise your tax preparer if you did make a qualified charitable distribution in 2021.

To report a qualified charitable distribution on your Form 1040 tax return, you generally report the full amount of the charitable distribution on the line for IRA distributions. On the line for the taxable amount, enter zero if the full amount was a qualified charitable distribution. Enter "QCD" next to this line. See the Form 1040 instructions for additional information.

You must also file Form 8606, Nondeductible IRAs, if:

You made the qualified charitable distribution from a traditional IRA in which you had basis (funds that had already been taxed) and received a distribution from the IRA during the same year, other than the qualified charitable distribution; or
The qualified charitable distribution was made from a Roth IRA.

For more information on how to satisfy your RMD with a charitable donation, consult your tax preparer or CPA.

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