To enter your qualified charitable distribution (QCD):
- Sign into your TurboTax Account
- Click on Continue where I left off
- On the left side screen, select Federal then Wages & Income
- On the Wages & Income screen, scroll to IRA, 401(k), Pension Plan Withdrawals (1099-R) and click on Edit/Add
- If you come to the Review your 1099-R info screen, Edit the 1099-R you did a QCD.
- Continue with the onscreen interview.
- On the Do any of these situations apply to you? screen, select I transferred all or part of this money directly to charity.
- Continue with the onscreen interview until complete.
A qualified charitable distribution (QCD) is a distribution from an IRA made directly by the trustee of the IRA to a qualified charity. A QCD reduces the amount of your IRA distribution that you are required to recognize as income.
- You must be at least 70 1/2 years old on the day of the distribution. The maximum amount that may be contributed is limited to $100,000. The qualifications and limitations are applied separately to each spouse on a joint return.
Because the QCD reduces your taxable income, you can’t also claim a charitable deduction for these same donations, if you itemize, since this would be double-dipping.
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