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I contributed 100% of my RMD to charity. Why is it listed as taxable income?
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posted
June 6, 2019
10:26 AM
last updated
June 06, 2019
10:26 AM
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I contributed 100% of my RMD to charity. Why is it listed as taxable income?
Did it go directly form the plan administrator to the charity?
June 6, 2019
10:26 AM
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I contributed 100% of my RMD to charity. Why is it listed as taxable income?
A QCD that is a direct trustee-to-trustee transfer by the trustee of your IRA to the trustee if the charity is reported when you enter you 1099-R.
If over age 70 1/2 the interview will ask if this was a RMD and then ask if you had a transfer to a charity. Enter the amount and it will subtract that from the taxable distribution on line 15a on the 1040 form with QCD next to it.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 6, 2019
10:26 AM
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