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Level 2
posted Feb 13, 2022 11:56:33 AM

What form is needed for a QCD distribution from wife"s ira acccount ?

Box 7 is empty.   I want to put wife's IRA information somewhere ?  Where ?

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1 Best answer
Expert Alumni
Feb 13, 2022 12:10:41 PM

You would enter the information through the 1099-R section. As you proceed through the interview, you will be able to elect this.

 

The 1099 R will be entered in the Retirement Plans and Social Security section.
• Select Federal Taxes
• Select Wages and Income
• Select Show More at Retirement Plans and Social Security
• Select IRA, 401(k), Pension Plan Withdrawals (1099-R)

 

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

5 Replies
Expert Alumni
Feb 13, 2022 12:10:41 PM

You would enter the information through the 1099-R section. As you proceed through the interview, you will be able to elect this.

 

The 1099 R will be entered in the Retirement Plans and Social Security section.
• Select Federal Taxes
• Select Wages and Income
• Select Show More at Retirement Plans and Social Security
• Select IRA, 401(k), Pension Plan Withdrawals (1099-R)

 

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

Level 15
Feb 13, 2022 1:16:34 PM

For box 7, select code 7 (normal distribution) unless you know otherwise.  Ideally, you contact the payer and get a corrected 1099-R, showing a box 7 code. 

After entering the 1099-R, follow the interview.  You will be asked how much of the distribution was for QCD. 

 

This is no additional IRS form for reporting a Qualified Charitable Distribution (QCD).  After the following the instructions, in ColeenD3's post, TurboTax will enter the total distribution on line 4a of form 1040 and the taxable amount on line 4b. It will put the code "QCD" on the dotted line between the two boxes (lines).

Level 15
Feb 14, 2022 6:23:25 AM

It's likely that box 7 of this Form 1099-R actually does have a 7 in box 7 but was just overlooked because the code is the same as the box number.  It's not uncommon for people to make this mistake when looking at the form.

Level 2
Feb 17, 2022 11:28:05 AM

I did as instructed by Coleen BUT, the place to put my wife's QCD donation was very different than the box where I put my own QCD. I juggled my wifes numbers so they came out.   Is this OK ?

Expert Alumni
Feb 17, 2022 1:00:03 PM

To clarify, when you juggled numbers around, was the correct amount of the QCD recorded in the return?