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tcpms
Level 2

What should be the taxable income on a 1099r solely for QCDs?

I entered 0 but when turbotax reviewed it, it is insisting on an explanation for 'return of prior year excess traditional ira contributions'

What did I do wrong in entering the 1099r for the QCDs? I haven't made an ira contribution in 20 years!

1 Best answer

Accepted Solutions
dmertz
Level 15

What should be the taxable income on a 1099r solely for QCDs?

The message that you are receiving is the result of you mistakenly entering $0 in box 2a of TurboTax's 1099-R form.  A Form 1099-R with code 7 in box 7 and the IRA/SEP/SIMPLE box marked reporting a regular distribution must always have an amount in box 2a equal to the amount in box 1.

You can only make a QCD after you have reached age 70½.  The indication that you had the custodian transfer money from an IRA to charity is made in the questions that follow the entry of the details of the Form 1099-R.  TurboTax will exclude the QCD amount from the amount on Form 1040, line 4b and will include the notation "QCD" next to the line.

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7 Replies
Critter
Level 15

What should be the taxable income on a 1099r solely for QCDs?

Sounds like you messed up on a question on the follow up screens ... so I would delete the 1099-R and re enter it again and if box 2a is blank then leave the screen box blank and make sure to address the QCD question when it comes up.
dmertz
Level 15

What should be the taxable income on a 1099r solely for QCDs?

The message that you are receiving is the result of you mistakenly entering $0 in box 2a of TurboTax's 1099-R form.  A Form 1099-R with code 7 in box 7 and the IRA/SEP/SIMPLE box marked reporting a regular distribution must always have an amount in box 2a equal to the amount in box 1.

You can only make a QCD after you have reached age 70½.  The indication that you had the custodian transfer money from an IRA to charity is made in the questions that follow the entry of the details of the Form 1099-R.  TurboTax will exclude the QCD amount from the amount on Form 1040, line 4b and will include the notation "QCD" next to the line.

View solution in original post

tcpms
Level 2

What should be the taxable income on a 1099r solely for QCDs?

the suggestion resolved the issue. Thanks for the incredibly QUICK response!
chitowncrystal44
Level 1

What should be the taxable income on a 1099r solely for QCDs?

where are these questions?  They did not come up on the free version of 2017...Is there a 2019 ready yet?

dmertz
Level 15

What should be the taxable income on a 1099r solely for QCDs?

Questions specific to the entry of a Form 1099-R immediately follow the entry of the details of the Form 1099-R and clicking the Continue button.  Follow-up questions relating to your Forms 1099-R overall appear after clicking the Continue button on the Your 1099-R Entries page.

mdolan8608
New Member

What should be the taxable income on a 1099r solely for QCDs?

I am not getting the questions about QCD .  What am I doing wrong?

MarilynG1
Expert Alumni

What should be the taxable income on a 1099r solely for QCDs?

You may need to Delete/Re-Enter your 1099-R to get the proper screens to come up for your QCD distribution.

 

Click this link for more info on Reporting a QCD Distribution.

 

 

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