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tilliej
New Member

where to charitable contribution sent from my ira distribution

 
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2 Replies

where to charitable contribution sent from my ira distribution

Did you make a QCD from your IRA?  Are you over  70 1/2?  

 

If you are over 70 1/2 then after you enter the 1099R keep going. In my Desktop program one of the next screens will say…Do any of these situations apply to you with a list. The 7th item is "I transferred all or part of this money directly to charity". Check that and the next screen will be either for RMD info or ask how much was transferred to Charity. Just keep going though all the screens.


For a QCD, check 1040 line 4b. It should be 0 (unless you have other taxable 1099Rs) and the QCD box checked. The code in box 7 of form 1099-R must be 7 and the box IRA/SEP/SIMPLE must be checked. You can’t do a QCD from a 401K.


For QCD there is a new checkbox on the 1040 line 4.
4a is the amount of the IRA distribution.
4b is the taxable amount.
4c has 3 checkboxes. Checkbox 2 is for QCD

MinhT1
Expert Alumni

where to charitable contribution sent from my ira distribution

You are referring to a Qualified Charitable Contribution (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. Answer Yes to that question and you can then enter the amount transferred to charity.

 

The code in box 7 of form 1099-R must be 7 and the box IRA/SEP/SIMPLE must be checked.

 

TurboTax will then reduce the taxable amount by the amount transferred to charity.

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