Hi,
I have taken my RMDs as QCDs for the past five years. One year, the IRS "missed" the X next to QCD and sent me a bill with penalties for my whole RMD. I was able to get it straightened out, but it caused me a lot of stress, time, and anxiety. They said they had just "missed" seeing the X and sent me a huge tax bill (for the RMD).
Since that year, I have always clicked on line 4B and the QCD notation, and added an explanation statement such as:
The gross amount of the distribution, $xxxx, is included on line 4a. The QCD notation
is included next to line 4b to indicate why the taxable amount, $0, is less than the
gross amount.
I am working on my taxes now and do not see any way to add the Explanation Statement! I am using the Desktop Premier version of Turbotax. Is there any way to add an explanation statement? I do not want to have to deal with the IRS again about this. Thank you!
