dmertz
Level 15

Retirement tax questions

QCDs are excluded from the amount reported on line 15b.  TurboTax does this automatically when in the follow-up to entering the Form 1099-R you indicate that you had your IRA custodian transfer the QCD amount directly to the charity.

For both Colorado an Minnesota, if you itemize deductions on your federal tax return, your QCD has already been excluded from your state income.  However, if you use the standard deduction on your federal income tax return, you can take a subtraction from income on your state income tax return for the amount of the QCD.  I'm not familiar with TurboTax's Colorado and Minnesota tax software, but I imagine that they would determine this subtraction automatically.

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