I made charitable contributions directly from my IRA, but the 1099-R I got from my broker shows the entire RMD I was required to take in 2024. How do I reflect those contributions in TurboTax?
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While entering your form 1099-R, if you have entered a birth date which makes you older than 70 1/2 in the tax year, TurboTax will ask you if any portion of your distribution was transferred to charity. You then enter the amount transferred to charity.
The code in box 7 of form 1099-R must be 7 and the box IRA/SEP/SIMPLE must be checked.
TurboTax will then reduce the taxable amount by the amount transferred to charity.
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