How do you adjust for contributions made direct from an Ira account??

Contribution made direct from RMD fiduciary?.

posted

You should have gotten a Form 1099-R showing the total amount distributed from your IRA. Enter the information from the 1099-R into TurboTax exactly as it appears on the 1099-R form, including the taxable amount. After you enter it and proceed through the interview it will ask you a series of questions about the IRA distribution. If the 1099-R has distribution code 7 or 4 in box 7, the IRA/SEP/SIMPLE box is checked on the 1099-R, and you are over 70½ years old, you will come to a screen that says "Transfer to Charity?" On that screen, if you select "I had part of this distribution transferred to charity," the next screen will ask how much was transferred to charity. That amount will be shown as non-taxable on your tax return.

The contribution made directly from your IRA is called a Qualified Charitable Distribution, or QCD. You will see the abbreviation "QCD" on line 4b of your Form 1040.