From the Michael Kitce's Blog:
The benefit of doing a QCD from an IRA is that the distribution comes out of the IRA without any of the tax consequences that would otherwise apply to a withdrawal (i.e., it is excluded from income altogether). Notably, there is no charitable deduction for making the QCD contribution to the charity, but only because by definition it was already entirely pre-tax (having come directly from a pre-tax IRA).
In addition, to the extent that the IRA owner had a Required Minimum Distribution (RMD) obligation for the year, the QCD is deemed to satisfy the RMD, even though the QCD is not taxable as an RMD otherwise would have been. And since an IRA owner must be age 70 ½ in order to do the QCD, by definition he/she will also have at least some RMD due for that tax year as well!
Example 1a. Harold just turned 71 years old and has an IRA with a $152,000 account balance. His RMD for the current year is $5,736. If Harold does a $5,000 QCD to his favorite charity, it will satisfy $5,000 of his RMD obligation (without any tax liability), leaving him with only another $736 to distribute (and report in income for tax purposes).
Example 1b. Continuing the prior example, if Harold instead did a $6,000 QCD from his IRA to a qualifying charity, his entire RMD will be satisfied (as his QCD is more than enough to cover the RMD obligation), and again there will be no tax consequences to the entire QCD (assuming it was otherwise eligible).
Question related to Example 1b. While the QCD withdrawal/distribution exceeds the RMD, the entire $6000 withdrawal is not taxable income. Is the amount that exceeds the RMD, $234.00, deductible from other earned income in that year? A participant in the discussion implied that it would be.
I can't find anything to support that assumption. Can the $234.00 be used as an itemized deduction on Schedule A? It is pre-tax money so I expect not.