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A part of my IRA RMD was distributed to charity. How do I exclude that amount of the charitable contribution from my income?
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A part of my IRA RMD was distributed to charity. How do I exclude that amount of the charitable contribution from my income?
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)
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A part of my IRA RMD was distributed to charity. How do I exclude that amount of the charitable contribution from my income?
I followed the directions and entered the partial amount; however, it looks like that information was ignored and it was treated as if the entire donation was a required distribution.
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A part of my IRA RMD was distributed to charity. How do I exclude that amount of the charitable contribution from my income?
Ive entered the 1099R as income but followed direction to designate as OCD donation but it still appears as income in the summary...is I being counted as income??
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