turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

vakerr66
New Member

Qualified Charitable distribution from inactive Sep IRA

I took an RMD from a SEP IRA which I asked the fiduciary to direct to a qualaified charity.

On the Turbo Tax 1099R form I indi cated that the distribution was made directly to a

charity.  But, TT will NOT recognize this as a charitable contribution and is including the amount in my taxable income.

 

I tried getting an answer online but the specialist said (incorrectly) that QCDs cannot be made from Sep IRAs; that is only correct for active Seps.  Mine is inactive -

 

I have no idea how to solve this using the TT software which is worse this year than it ever has been.

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
dmertz
Level 15

Qualified Charitable distribution from inactive Sep IRA

There is no question that TurboTax asks during the entry of the Form 1099-R that indicates whether or not the distribution is from a SEP IRA, so there is no way for TurboTax to block the reporting of a QCD from a SEP IRA.

 

If your personal information indicates that you were age 70½ or over during the tax year and the Form 1099-R that you received from the payer has code 7 (or code 4 if the distribution is from an inherited IRA) in box 7 and the IRA/SEP/SIMPLE box marked, in the online version of TurboTax TurboTax will provide a checkbox on the Do any of these situations apply to you? page for you to mark to indicate that some or all of the distribution was made as a QCD.  In the CD/download version of TurboTax TurboTax will explicitly ask if any was paid to a charity.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies