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1099R Distribution from an ira. Half was donated to a charity but the same amount appears in box 1 and box 2a (taxable amount). Will TT let me correct that in the tax preparation?
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1099R Distribution from an ira. Half was donated to a charity but the same amount appears in box 1 and box 2a (taxable amount). Will TT let me correct that in the tax preparation?
Was this for a RMD? How was it sent to the charity? Did the IRA send it directly to it? What code or codes are in box 7?
If you got the full amount and you sent half to charity the full amount is taxable and it is a Schedule A deduction. @dmertz
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1099R Distribution from an ira. Half was donated to a charity but the same amount appears in box 1 and box 2a (taxable amount). Will TT let me correct that in the tax preparation?
You put in the whole thing
If your age was over 70.5, then there is a followup question on one of the pages that follows the main form, that lets you indicate how much went to the charity. But the $$ had to be directly transferred to the charity (with some exceptions). That will reduce the amount that is reported on line 4b of the form 1040
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If you were not over age 70.5 during 2019, then it is all taxable, but you enter the $$ you donated to the charity in the charity donations section.
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1099R Distribution from an ira. Half was donated to a charity but the same amount appears in box 1 and box 2a (taxable amount). Will TT let me correct that in the tax preparation?
Q. Will TT let me correct that in the tax preparation?
A. Yes, if you were over age 70-1/2 at the time of the distribution.
Enter the 1099-R, exactly as received. A follow up question, in the interview, will allow you to enter the amount of the Qualified Charitable Distribution (QCD). TurboTax (TT) will put the total amount on line 4a of form 1040 with the net taxable amount on line 4b, with the notation QCD.
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