I need to refile as the 1099r received was the totals but part of the 1099 should reflected 3 charity donations of $62,000.I have confirmations from the charities.
I thought this to be a tax free exchange with no tax liabilty on my part.ML says they don't break this type on their 1099.Now what.?
The Form 1099-R you received from ML is correct. QCDs are to be reported by the payer as regular distributions since the payer has no way of knowing if a particular amount sent by them to the charity actually qualifies as a QCD. It's your responsibility to indicate the amount that was QCD when you prepare your tax return.
Enter the Form 1099-R as received. Assuming that you were age 70½ or over in 2018 and this was a distribution from a traditional IRA (IRA/SEP/SIMPLE box marked), in the follow-up TurboTax will ask how much was transferred to charity where you will indicate that $62,000 was transferred to charity. TurboTax will exclude the $62,000 from the amount on line 4b of Form 1040 and will include the notation QCD next to the line.
Qualified charitable distributions.
A qualified charitable distribution (QCD) generally is a nontaxable distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization eligible to receive tax-deductible contributions. You must be at least age 70½ when the distribution was made. Also, you must have the same type of acknowledgment of your contribution that you would need to claim a deduction for a charitable contribution.
If you are 70 1/2 or older, the interview will ask if you took the RMD. After that it will ask if you make a charitable contribution. Answer yes and then enter the QCD amount.
The 1099-R box 1 amount will go in the 1040 form line 4b (taxable amount) minus the QCD amount and the total box 1 amount will go on line 4a with "QCD" next to it.
Enter a 1099-R here:
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
Amended returns can only be mailed. It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it.
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You can check the status of the amended return here, but allow 3 weeks after mailing.
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