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Did you make a QCD directly from the IRA? the IRA has to send it directly to the charity or send you the check made out to the Charity.
You should have a 1099R for a QCD. While entering your form 1099-R, if you have entered a birth date which makes you older than 70 1/2 in the tax year, TurboTax will ask you if any portion of your distribution was transferred to charity. You can then enter the amount transferred to charity.
Enter a 1099R under
Federal Taxes (Personal for Home & Business)
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start
The code in box 7 of form 1099-R must be 7 and the box IRA/SEP/SIMPLE must be checked. A IRA QCD should be 0 taxable on 1040 line 4b and QCD written by it. Unless you have other 1099R taxable amounts on 4b.
You have to enter the Form 1099-R and you have to select IRA/SEP/SIMPLE and the code in box 7 should be a 7 and you have to be age 70 1/2 or older.
After you have completed the Form 1099-R entry there will be a series of screens asking questions. One of the screens Do any of these situations apply to you? check the box I transferred all or part of this money directly to charity
Do I itemize my 1099R RMD charitable donations in my donations portion of TurboTax as well as checking the box in the 1099R and filling out the questionnaire?
No, you do not itemize these donations. They directly offset your income (a better result for you) after you indicate that it was a QCD in TurboTax by following the steps DoninGA has given.
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