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What should be the taxable income on a 1099r solely for QCDs?
I entered 0 but when turbotax reviewed it, it is insisting on an explanation for 'return of prior year excess traditional ira contributions'
What did I do wrong in entering the 1099r for the QCDs? I haven't made an ira contribution in 20 years!
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Retirement tax questions
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Retirement tax questions
The message that you are receiving is the result of you mistakenly entering $0 in box 2a of TurboTax's 1099-R form. A Form 1099-R with code 7 in box 7 and the IRA/SEP/SIMPLE box marked reporting a regular distribution must always have an amount in box 2a equal to the amount in box 1.
You can only make a QCD after you have reached age 70½. The indication that you had the custodian transfer money from an IRA to charity is made in the questions that follow the entry of the details of the Form 1099-R. TurboTax will exclude the QCD amount from the amount on Form 1040, line 4b and will include the notation "QCD" next to the line.
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Retirement tax questions
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Retirement tax questions
where are these questions? They did not come up on the free version of 2017...Is there a 2019 ready yet?
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Retirement tax questions
Questions specific to the entry of a Form 1099-R immediately follow the entry of the details of the Form 1099-R and clicking the Continue button. Follow-up questions relating to your Forms 1099-R overall appear after clicking the Continue button on the Your 1099-R Entries page.
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Retirement tax questions
I am not getting the questions about QCD . What am I doing wrong?
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Retirement tax questions
You may need to Delete/Re-Enter your 1099-R to get the proper screens to come up for your QCD distribution.
Click this link for more info on Reporting a QCD Distribution.
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