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.

< Older Post

Newer Post >

Our Members Are Making a Difference!

May 18, 2026

2025 Financial Impact Report

Spring Reset

May 14, 2026

Practical Tips to Organize For Your Well-Being

Spring Renewal

May 11, 2026

Rest as a Form of Productivity

Spring Clean Your Finances

May 7, 2026

Each year, we set aside time to deep clean and organize our homes. But when was the last time you set aside time to organize your finances? We sat down with GBU Life Home Office agents Leah Teahl and Dominic Nicciai to learn about the benefits of an annual financial review and how you can get started.

Thoughtful (and Inexpensive) Ways to Celebrate Teachers

May 4, 2026

Every child can name a teacher who made a difference: the one who stayed late to help, offered encouragement at just the right moment or made learning feel exciting. Recognizing a teacher’s dedication doesn’t require grand gestures, but it does call for intention. Thoughtful appreciation gifts, especially during Teacher Appreciation Week or year-end celebrations, offer a tangible way to express heartfelt gratitude.

Notice of 2026 Election for GBU Financial Life Board of Directors

April 15, 2026

Board Election GBU Financial Life’s national bylaws allow adult insured members (as defined in Article VI, Section 1 of the bylaws) the right to vote for the organization’s Board of Directors. Ballots will be mailed at the beginning of August 2026 to all eligible members. Eligible members may vote by paper ballot via mail or electronic ballot online once they receive their ballot. Cumulative voting or voting by proxy is not permitted.