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Retirement tax questions
What I described is what is required by the IRS.
See the Instructions for Form 1099-R and 5498: <a rel="nofollow" target="_blank" href="https://www.irs.gov/instructions/i1099r#idm139679924589776">https://www.irs.gov/instructions/i1099r#...>
The box 1 amount being replicated in box 2a is meant to suggest that in most cases the entire distribution is taxable. In the case of a QCD, that's not the case, so what maglib described is what is required for reporting a QCD in TurboTax to make the QCD amount nontaxable.
See the Instructions for Form 1099-R and 5498: <a rel="nofollow" target="_blank" href="https://www.irs.gov/instructions/i1099r#idm139679924589776">https://www.irs.gov/instructions/i1099r#...>
The box 1 amount being replicated in box 2a is meant to suggest that in most cases the entire distribution is taxable. In the case of a QCD, that's not the case, so what maglib described is what is required for reporting a QCD in TurboTax to make the QCD amount nontaxable.
‎June 6, 2019
7:49 AM