Your Form 1099-R should always be entered as it is shown, unless there is an error and in that case a corrected Form 1099-R should be issued.
To report 100% of your excess IRA contributions going to charity, TurboTax will take your age into account and determine if you qualify to make a QCD.
After you enter the information from your Form 1099-R, which reports the distribution there will be some follow-up questions.
One of those questions will be if the distribution was transferred to a qualified charitable organization.
You can choose either all, part, or none of the distribution was transferred. This will take care of reporting the distribution correctly on your return.
Then, on your actual Form 1040, line 4a will include the amount of your distribution and line 4b will show any taxable amount ($0 if the entire distribution was transferred to the charitable organization) and the designation QCD will be shown on that line as well.
To go directly to the section of your return to enter your Form 1099-R, use these steps:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “1099-r” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to 1099-r”
- Click on the blue “Jump to 1099-r” link and enter your information
Taxpayers must also file Form 8606 if the QCD came from:
- a traditional IRA and they received a distribution from the IRA during the same year, other than the QCD; or
- a Roth IRA.
Click here for more information on QCD's.
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