Yes, the amounts distributed as a QCD can be counted toward satisfying your RMD for the year, up to $100,000. The QCD is excluded from your taxable income.
To calculate your required minimum distribution, simply divide the year-end value of your IRA or retirement account by the distribution period value that matches your age on Dec. 31st each year. Every age beginning at 72 has a corresponding distribution period, so you must calculate your RMD every year.
Your required minimum distribution (RMD) is created automatically when you enter a 1099R reporting the distribution. After you enter the 1099R, there will be follow-up questions that ask about the distribution, with the RMD being one of these questions. To report the 1099R:
- Go to federal>wages and income>all income
- Retirement plans and Social Security>show more
- Ira (401K), pension plan Withdrawals(1099R) Start
- Navigate through this entire section. Once you entered the 1099R and reach a summary page, do not stop but press continues at the bottom of the screen. Once there, there will be more questions to answer with questions pertaining to your RMD.
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