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lenlevin
New Member

Qcd's how to enter?

where do I enter my QCD's to get the credit for tax reduction?
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2 Replies

Qcd's how to enter?

You will be asked about the QCD after entering your Form 1099-R, you are age 72 or older and the IRA/SEP/SIMPLE box is checked on your 1099-R.

 

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

 

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

MayaD
Employee Tax Expert

Qcd's how to enter?

A qualified charitable distribution (QCD) is a distribution of funds from your IRA (other than a SEP or SIMPLE IRA) directly by the trustee to a qualified charitable organization. A qualified charitable distribution can satisfy all or part of your required minimum distribution for the year.

 

To report a qualified charitable distribution on your Form 1040 tax return, you'll use the 1099-R (even though there's no indication that it was a QCD). Enter the info as a 1099-R and you'll be asked in one of the follow-up questions if it was a Qualified Charitable Distribution.

For more information check: What is a Qualified Charitable Distribution?

 

Here's how to enter your 1099-R in TurboTax:

  1. Open or continue your return in TurboTax and select Search
  2. Enter 1099-r and select Jump to 1099-r
  3. Answer Yes and continue to either import, upload, or manually enter your form
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