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How is the Total RMD reduced by total QCD's made

 
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4 Replies

How is the Total RMD reduced by total QCD's made

The RMD is still the same.  But if you made a QCD it will reduce the taxable amount on 1040 line 4b with QCD written by it.  I’m making QCD so my 4b is 0 taxable.   It’s much better than listing donations on Schedule A Itemized Deductions.  

MinhT1
Employee Tax Expert

How is the Total RMD reduced by total QCD's made

When you are 73 or older, QCDs can reduce the taxable income of your RMDs, dollar for dollar.

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ElaineWunderlich
Returning Member

How is the Total RMD reduced by total QCD's made

Last year I was able to enter my QCD amount. I have donated over 21,000 directly from my IRA account and cannot see how to enter it this year. It asked me for that amount last year somewhere.

MayaD
Employee Tax Expert

How is the Total RMD reduced by total QCD's made

To report a qualified charitable distribution on your Form 1040 tax return, enter the info from your 1099-R and TurboTax will ask you in one of the follow-up questions if it was a Qualified Charitable Distribution. 

TurboTax includes the full amount of the distribution reported on your Form 1099-R on line 4a (IRA Distributions) of your Form 1040 or 1040-SR. 

 

For more information, check QCD

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