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eileen31
New Member

I believe there is a bug in TT. How do I edit the 1099-R to exclude the QCD distribution from taxable income?

 
1 Best answer

Accepted Solutions
MichaelL1
Level 15

I believe there is a bug in TT. How do I edit the 1099-R to exclude the QCD distribution from taxable income?

You report the 1099R just as you have it, then if you have RMD and it was directly donated to a charitable organization, after the 1099R entry you will enter the amount of the QCD and that amount will be excluded from income.

There will be questions following the 1099R entry.

EDITED 2-20-2019 12 PM (CST)

To add the above is only true if you have RMD which means you have to be at least 70 1/2 years old. If not the QCD is not available to you and TurboTax will not give you this option.

View solution in original post

7 Replies
MichaelL1
Level 15

I believe there is a bug in TT. How do I edit the 1099-R to exclude the QCD distribution from taxable income?

You report the 1099R just as you have it, then if you have RMD and it was directly donated to a charitable organization, after the 1099R entry you will enter the amount of the QCD and that amount will be excluded from income.

There will be questions following the 1099R entry.

EDITED 2-20-2019 12 PM (CST)

To add the above is only true if you have RMD which means you have to be at least 70 1/2 years old. If not the QCD is not available to you and TurboTax will not give you this option.

eileen31
New Member

I believe there is a bug in TT. How do I edit the 1099-R to exclude the QCD distribution from taxable income?

It is not working
MichaelL1
Level 15

I believe there is a bug in TT. How do I edit the 1099-R to exclude the QCD distribution from taxable income?

And you are 70 1/2 with RMD correct?
eileen31
New Member

I believe there is a bug in TT. How do I edit the 1099-R to exclude the QCD distribution from taxable income?

no. 61
MichaelL1
Level 15

I believe there is a bug in TT. How do I edit the 1099-R to exclude the QCD distribution from taxable income?

You can only do this with RMD and you have none.
MichaelL1
Level 15

I believe there is a bug in TT. How do I edit the 1099-R to exclude the QCD distribution from taxable income?

I am going to re-post the answer based on you being below 70 1/2
dmertz
Level 15

I believe there is a bug in TT. How do I edit the 1099-R to exclude the QCD distribution from taxable income?

Since any amount sent to charity from your IRA prior to you actually reaching age 70½ is not a QCD, the taxable amount of the distribution must be included in your AGI and you'll need to claim it as a charitable deduction on Schedule A (which will not reduce your taxable income if you use the standard deduction).
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