Deferring planned 2020 QCD into 2021

[RWG1950]

An article on this appeared in Saturday's Wall Street Journal. The writer refers to individuals that normally make QCD's each year.
Since there are no RMD's for 2020, it seems one could benefit by deferring this year's QCD until January, so it could be used to lessen taxable 2021 RMD income.
The trade-off is charities needing the bucks now vs the tax savings for the donor.

[Lion]

If your usual QCD is less than $100,000 then skipping 2020 and giving twice as much to charities in 2021 using a QCD could help your 2021 taxes.

I'm using a QCD now to help local food banks, first responders, etc., instead of waiting until my usual year-end.

[Rapid Robert]

"The trade-off is charities needing the bucks now vs the tax savings for the donor."

A charitable person could donate the anticipated tax savings to charity.

Didn't I also read somewhere that non-itemizers can now take up to $300 adjustment to income (above the line) for charitable donations?

[Lion]

Two good points, Robert. We have multiple ways to save ourselves taxes while giving to charities.

[TaxGuyBill]

There is no such thing as "this year's QCD."

??? Can you clarify what you mean? If you make a Qualified Charitable Contribution most years, the QCD for this year would be "this year's QCD".

[TaxGuyBill]

You first take a DISTRIBUTION (required or otherwise) and then, if it floats your boat and meets the relevant IRS guidelines, it can then simultaneously become a QCD.
The "D" in QCD stands for "distribution" and not for "donation."
You can take a retirement distribution without it becoming a QCD.
You can make a charitable donation without the funds coming from a retirement distribution.
If you choose not to take a 2020 retirement distribution, for whatever reasons, that is your beeswax.
Capiche ??

I understand everything you just said now, but it was your comment "There is no such thing as "this year's QCD" that I didn't understand.

However, after looking back on the context of the original OP's statement, I now understand what you meant. My apologies for missing the original context.

[RWG1950]

A QCD is an extremely efficient way to make a charitable donation. FAR more efficient than just "donating the doggone money".
The charity gets the same bucks either way, but giving via QCD allows the donor to legally avoid income tax on the amount given. Remember, the QCD comes out of a pre-tax account.
Look at it this way - it would take about $1.30 in taxable income (depending on fed & state marginal brackets) for a taxpayer to be able to have $1.00 in their checkbook to make the donation.
The QCD is a sweet dollar for dollar deal. Night and day difference, no ?
The high standard deduction amounts of today make it difficult for many people to get a tax benefit for their contributions by itemizing deductions. The $300 for 2020 will help somewhat
QCD's have a number of rules to follow, but they aren't overly complex. You have to be sure the recipient is a qualifying charity though. Some QCD's that I've worked on have gone to churches.
Haven't seen one yet with Jim Jones name on it.