topic How to deduct the $10000 Qualified Charitable Deduction as it now is entered as a charge when it should be a reduction! in Deductions & credits

How to deduct the $10000 Qualified Charitable Deduction as it now is entered as a charge when it should be a reduction!

dooley_richard — Fri, 12 Mar 2021 08:50:31 GMT

Re: How to deduct the $10000 Qualified Charitable Deduction as it now is entered as a charge when...

BillM223 — Sat, 13 Mar 2021 04:43:01 GMT

It's a "Qualified Charitable Distribution" where certain taxpayers can have retirement funds transferred directly to a charity, count it as part of their RMD, and not have to report the distribution as income nor have to deduct the charitable contribution on Schedule A.

In the 1099-R interview, did you see a screen with the title of "Transfer to Charity"? This is where you would enter that you had this amount transferred to a charity.

NOTE: a QCD can come only from an IRA, not from a retirement plan like a 401(k).

Re: How to deduct the $10000 Qualified Charitable Deduction as it now is entered as a charge when it should be a reduction!

macuser_22 — Sat, 13 Mar 2021 04:50:25 GMT

When you enter your 1099-R it will ask for a QCD if you are 70 1/2 or older.