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Patricia's $11,000.00 IRA distribution was part of the RMD and was given directly to charity by Fidelity as a QCD. Where do I put this info?

 
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2 Replies
Coleen3
Intuit Alumni

Patricia's $11,000.00 IRA distribution was part of the RMD and was given directly to charity by Fidelity as a QCD. Where do I put this info?

First check that it is from an IRA and that the IRA box is checked in the program. As you continue in the interview, you will encounter the screen to indicate that it was a QCD. See the screen shot below.

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.

Patricia's $11,000.00 IRA distribution was part of the RMD and was given directly to charity by Fidelity as a QCD. Where do I put this info?

Just be aware that some states do not recognize QCD's, so you may owe state taxes.

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