MargaretL
Expert Alumni

Retirement tax questions

I'm assuming your are referring to Qualified Charitable Distribution (QCD) and that you are over 70 and 1/2.

When form 1099-R is entered in Turbo Tax (the retirement section), please be sure that it is entered exactly as it appears on the form and that the IRA box is checked. This will trigger questions about QCD.   The software will ask if a portion or entire distribution was a QCD. Please complete the interview.

Finally, just as a note... if you claim the distribution as a QCD, please do not enter the amount as a charitable contribution in the Deduction and Credits section.  A QCD is not included in your taxable income and you can't deduct it again under charitable contributions. 

1099-R data entry:

1.      Federal Taxes

2.      Wages and Income

3.      Select Jump to Full list

4.       Scroll down to Retirement Plans and Social Security

5.      Select IRA, 401(k), Pension Plans (1099-R)