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marycyoung55
New Member

If my RMD from an IRA went directly to charities but I still got a 10099-R what do I do?

 
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Accepted Solutions
Coleen3
Intuit Alumni

If my RMD from an IRA went directly to charities but I still got a 10099-R what do I do?

You have to indicate it in the program. When you enter the 1099-R, answer the questions and you will arrive at the screen shot below. The IRA box must be checked and this must be part of an RMD.

Can I make a QCD?

While many IRAs are eligible for QCDs—Traditional, Rollover, Inherited, SEP (inactive plans only), and SIMPLE (inactive plans only)* —there are requirements:

  • You must be 70½ or older to be eligible to make a QCD.
  • QCDs are limited to the amount that would otherwise be taxed as ordinary income. This excludes non-deductible contributions.
  • The maximum annual amount that can qualify for a QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. (If, however, you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax year for up to $100,000.)
  • For a QCD to count towards your current year’s MRD, the funds must come out of your IRA by your MRD deadline, generally December 31.

Any amount donated above your MRD does not count toward satisfying a future year's MRD.


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3 Replies
marycyoung55
New Member

If my RMD from an IRA went directly to charities but I still got a 10099-R what do I do?

OK, but I looking for where on TurboTax I record that?
Coleen3
Intuit Alumni

If my RMD from an IRA went directly to charities but I still got a 10099-R what do I do?

Once you answer the questions correctly, as below, the screen will pop up.
Here's how to enter your 1099-R in TurboTax:
1. Open (continue) return if you don't already have it open.
2. Inside TurboTax, search for 1099-R or 1099R (lower-case works too) and then click or tap the "Jump to" link in the search results.
Answer Yes on the Your 1099-R screen, then click or tap Continue.
Coleen3
Intuit Alumni

If my RMD from an IRA went directly to charities but I still got a 10099-R what do I do?

You have to indicate it in the program. When you enter the 1099-R, answer the questions and you will arrive at the screen shot below. The IRA box must be checked and this must be part of an RMD.

Can I make a QCD?

While many IRAs are eligible for QCDs—Traditional, Rollover, Inherited, SEP (inactive plans only), and SIMPLE (inactive plans only)* —there are requirements:

  • You must be 70½ or older to be eligible to make a QCD.
  • QCDs are limited to the amount that would otherwise be taxed as ordinary income. This excludes non-deductible contributions.
  • The maximum annual amount that can qualify for a QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. (If, however, you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax year for up to $100,000.)
  • For a QCD to count towards your current year’s MRD, the funds must come out of your IRA by your MRD deadline, generally December 31.

Any amount donated above your MRD does not count toward satisfying a future year's MRD.


View solution in original post

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