Does a federal income tax return submitted through the TurboTax software inform the IRS of a QCD made from Traditional IRA distributions?

[tesouther]

This appears to be required by the IRS as stated in IRS Publ. 590B under the discussion starting on page 13 about Qualified Charitable Distributions.

[BillM223 · Accepted solution]

Yes. The letters QCD appear on the 1040 on line 4a.

[tesouther]

Thanks. Very helpful. BTW, Cash App Taxes doesn't do this. I expect that they will next year.

[VolvoGirl]

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 can 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.

A IRA QCD should be 0 taxable on 1040 line 4b and QCD written by it.  Unless you have other 1099R taxable amounts on 4b.  

[LWilt]

where to enter the QCD?

[LWilt]

where in TurboTax is the qcd entered?

[tesouther]

LWilt: Volvogirl answered that question previously. In short, if the birth date you entered previously in TurboTax indicate you're over 70 1/2 years old, and you received any IRA distribution(s), TT will ask to to enter any QCD's made out of the distribution(s).

[CochranRB]

Okay the QCD shows up on teh 1040.  How is it enterd in Turbo Tax?

[DoninGA]

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@CochranRB wrote:

Okay the QCD shows up on teh 1040.  How is it enterd in Turbo Tax?

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The question was answered in the thread above by @VolvoGirl 

You first have to complete the entry of the Form 1099-R.

[VolvoGirl]

You will get a 1099R for a QCD or RMD.  You enter the 1099R.  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 can then enter the amount transferred to charity.

Enter a 1099R under
Federal Taxes
Wages & Income
Then scroll way down to Retirement Plans and Social Security

The code in box 7 of form 1099-R must be 7 and the box IRA/SEP/SIMPLE must be checked.  A IRA QCD should be 0 taxable on 1040 line 4b and QCD written by it.  Unless you have other 1099R taxable amounts on 4b.  

Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

[CochranRB]

TT Expert said "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 can then enter the amount transferred to charity."

I'm 72 yearsold. I had QCD last year.  TurboTax Deluxe 2024 did not ask " if any portion of your distribution was transferred to charity"

[CochranRB]

Found it. (QCD input)

Correction - my miss

TT does ask if any distribution ws directed to charity (QCD).

[VolvoGirl]

Better check your birthdate under My Info.   Did you get a 1099R for it?  In 2023 I made QCDs when I was 70 1/2 and got asked.  Was 71 in 2024 and got asked this year.  

I would delete the 1099R and enter it again Manually.  That usually fixes it, especially if you imported it.  

[Leroy14]

Volvo girl:  Thanks for response!  TT Agent unable to answer this question.  Your answer was exactly correct.  I used it to verify my approach to itemizing w.r.t. QCDs.  Thanks again.

[Randy1919]

That is NOT my question.

Fidelity did not show that  i had a QCD out of my RMD, and since I have to file, the intuit instructions say that I need to have a EIN on the 1099-R form.

It further states that if the EIN cannot be obtained, I will have to send the entire tax report (probably 50 + pages of it to them.  No digital filing???  This is ridiculous.

My question was whether the EIN was equal to the Payer's TIN which shows on the 1099-R