I gave an IRA Cash withdrawal (RMD) to a charity where is it shown ?
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New Member

I gave an IRA Cash withdrawal (RMD) to a charity where is it shown ?

I ask the Bank to make a check payable to a charity for the required RMD. Where do I enter it in Turbo Tax

3 Replies
New Member

I gave an IRA Cash withdrawal (RMD) to a charity where is it shown ?

If you do make a Qualified Charitable Distribution, it doesn't matter whether it's your RMD or an additional IRA distribution

When entering this Form 1099-R into TurboTax, in the follow-up questions you'll need to enter the amount that was transferred to charity. TurboTax will exclude this amount from the amount reported on Form 1040 line 15b or Form 1040A line 11b and will include the notation "QCD" next to the line.

You need to transfer the money directly from the IRA to the charity for it to count as the tax-free transfer. Ask your IRA administrator and the charity about making a direct transfer, or you can have the IRA administrator send a check from your account to the charity. 

If you make a tax-free transfer from your IRA to charity, you can’t also deduct that money as a charitable contribution. But the tax-free transfer could give you extra benefits. You don’t need to itemize your deductions to get a tax benefit from the gift (and many people who no longer have a mortgage don’t itemize their deductions). Making the tax-free transfer also keeps the money out of your adjusted gross income. That could help you avoid the Medicare high-income surcharge, which boosts your Part B and Part D premiums if your AGI is more than $85,000 if single or $170,000 if married filing jointly. Keeping the money out of your AGI could also make less of your Social Security benefits taxable.

New Member

I gave an IRA Cash withdrawal (RMD) to a charity where is it shown ?

Where do I find the TurboTax form requesting the amount of the IRA distribution that qualifies as a QCD?

 

Employee Tax Expert

I gave an IRA Cash withdrawal (RMD) to a charity where is it shown ?

Please read JulieH1's answer carefully.

 

If the money went straight from the IRA custodian to the charity AND you were at least 70 1/2 last year, then after you enter the 1099-R that the distribution was reported on, TurboTax will ask you if any of the money was a QCD.

 

Otherwise you report it as a regular contribution on Schedule A/Itemized Deductions and it is not a QCD.

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