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If you are over age 70½ and have an amount transferred directly from an IRA to charity, the otherwise taxable amount (up to $100,000) is excluded from your taxable income as a Qualified Charitable Distribution.
The Form 1099-R from the financial institution will report a regular distribution. Nothing on this form will indicate that the distribution was transferred to charity. 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.
If you are over age 70½ and have an amount transferred directly from an IRA to charity, the otherwise taxable amount (up to $100,000) is excluded from your taxable income as a Qualified Charitable Distribution.
The Form 1099-R from the financial institution will report a regular distribution. Nothing on this form will indicate that the distribution was transferred to charity. 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.
That is a helpful reply.
Just be aware that some states do not recognize QCD's, so the withdrawal might still be taxable at the state level.
I am not over 701/2. Can I request my financial institution to donate directly to a QCB on my behalf and not count that as income? If so, how does that work?
Qualified Charitable Distributions can only be done from IRAs maintained for the benefit of someone who has reached age 70½.
@KenSher If you are not 70-1/2, you can request your financial institution make a Charitable Donation for you.
However, that is reported on Schedule A of your return as a Itemized Deduction, since it is not an RMD rollover to QCD.
Click this link for more info on Charitable Donations.
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