Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
lenaeng0930
New Member

How to input Sec. 408(d)(8) charitable contribution directly from IRA

The financial institute will be sending the RMD directly to the charity, but has indicated the 1099-R code will remain a "Normal Distribution". How do we input this donation so that it remain excluded from taxable income?  Here is an article explaining the tax situation: http://www.thetaxadviser.com/newsletters/2016/apr/charitable-ira-distributions.html
1 Reply
IreneS
Intuit Alumni

How to input Sec. 408(d)(8) charitable contribution directly from IRA

What amount did the financial institution in box 2a - Taxable Amount?

If they put zero, then you're fine and don't have to do anything.  The distribution is not included in your taxable income.

If they included the distribution in the taxable amount, then you have two options:

  1. Ask the financial institution for a corrected 1099-R with zero as the taxable amount.
  2. File your return and take a charitable deduction on Schedule A.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v