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Retirement tax questions
Were you over 70½ years old when you made the QCD last year? The age of the decedent doesn't matter. You have to be over 70½. Did the IRS notice say why they disallowed the QCD?
In TurboTax, after you enter the 1099-R for the distribution from the inherited IRA, continue through the screens. It will ask you a series of questions about the IRA distribution. If the 1099-R has distribution code 7 or 4 in box 7, the IRA/SEP/SIMPLE box is checked on the 1099-R, and you are over 70½ years old, you will come to a screen that says "Transfer to Charity?" On that screen, you can indicate how much of the distribution was sent to a charity. TurboTax will then report it appropriately on your tax return.
October 20, 2022
1:28 PM