TurboTax is not asking the "RMD" question after completing the 1099 entries. The QCD amount is part of the RMD question and gets skipped because (apparently) I am not old enough to be required to take an RMD but am old enough to make a QCD from my IRA. Please assist me in entering my QCD amount.
EDIT: I decided to test my hypothesis and changed my age in a copy. By 'becoming 'older' (well past RMD age), I was able to enter the numbers (RMD and QCD) as described in the help pages. It worked as advertised as long as I was over 72.
EDIT #2: I received an email from a TurboTax Employee:
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| Re: The 1099-R form for your IRA distributions will not show... |
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Yes. In 2020 the Secures Act increased the the RMD age to 72 but only if you turned 70 1/2 in 2020. if you were already taking RMD from turning 70 1/2 in a previous year, then you have to continue taking your RMD. Of course, for 2020 no RMD was required. You handled the age work around correctly in TurboTax but make sure to change your age back when you are done. |
Although this work around method works, it shows an error in the TurboTax program itself. This minor variation should be available. I am concerned that it won't "stick" during updates, etc. and will decide to switch back on its own. The use of a QCD withdrawal is a substantial tax benefit when using the standard deduction.
