topic Re: 2020 QCD in Retirement tax questions

2020 QCD

knirf1 — Fri, 29 Jan 2021 23:49:40 GMT

How do I handle 2020 traditional IRA 1099-R income in Turbotax where the income is a mix of non taxable qualified charitable distribution (QCD) and taxable IRA withdrawal. Turbotax is giving me no help on the QCD topic. No QCD questions are asked. Do I need to get two separate 1099-R forms that separate the taxable from non taxable pieces?

Re: 2020 QCD

LinaJ2020 — Sat, 30 Jan 2021 02:27:15 GMT

If you are using TurboTax free edition, you would need to upgrade to Deluxe edition. It will show under one of the uncommon situations on the screen. See image

I have already submitted a request for fix.

Re: 2020 QCD

knirf1 — Mon, 01 Feb 2021 14:27:28 GMT

I was able to get Basic free version of Turbotax to respond correctly. I opened the Form 1099-R for that IRA withdrawal. Midway down through that form is a section for RMD and QCD. I entered the dollars associated with the charity there and then it correctly showed up on Form 1040.

Re: 2020 QCD

Rockfhome — Tue, 02 Feb 2021 22:48:52 GMT

Does the Home & Business version have the option to indicate QCDs from an IRA. I can't find a question asking if any amount on my 1099R has been used as for charitable donations.

Re: 2020 QCD

SamS1 — Tue, 02 Feb 2021 23:57:12 GMT

Yes it does, In Home & Business, you need to go into forms mode. In the upper right of the top margin click Forms. From there:

Find the 1099R you entered in the right hand column
Click to open the form
Scroll down till you find "Charitable Distribution Deduction" and enter the amount that was distributed to the Charitable Organization
When finish Click "Step by Step" to go back to the data entry screens.

You are allowed QCD for 2020 is $100,000.