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Deductions & credits
It depends. in your instance, you should have two 1099R's, one for the rollover from the 401K to the IRA and one for the IRA distribution provided all this happened in 2022. You do this so the IRS has a complete paper trail on how the money was distributed..
I think what you have done was to report the rollover 401K distribution. You did not report the IRA distribution and this is why there are no entries in 4A & 4B of your return showing the QCD in the margins. Here is the correct way to report.
- Go to federal>wages and income>all income
- Retirement plans and Social Security>show more
- Ira (401K), pension plan Withdrawals(1099R) Start
- Here you will enter your 1099R. After you are done with one and reach a summary screen. Here your first 1099R reporting the rollover should appear.
- Next you will add the second 1099R that you should have received.
- Enter the information into the return, this time however you will check the IRA/SIMPLE/SEP box.
- One this second 1099R has been entered, there will be a follow-up screen entitled do any of these situations apply to you? Here you will indicate you transferred this to charity.
- Then it will ask you what your RMD distribution was for the year.
- Lastly it will ask how much of this was transferred to charity.? Here you will list the full amount if this is the case.
Without the second 1099R, you would not had an opportunity to list your QCD because this entry is unavailable in the first 1099R because the QCD is not available for 401K distributions. Meanwhile, here is what the screens that I mentioned should look like in Turbo Tax Online. These are similar for the Desktop product as well.
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