topic Re: QCD in Retirement tax questions

QCD

LJ800 — Thu, 24 Apr 2025 21:31:14 GMT

I am 70 1/2, I am making a QCD to a 503c, church, I am NOT required, nor am I taking an RMD.

How do I record this distribution in turbo tax?

Re: QCD

VolvoGirl — Thu, 24 Apr 2025 21:35:07 GMT

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. It asks everyone who is 70 1/2 and gets a 1099R.

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.

Re: QCD

DoninGA — Thu, 24 Apr 2025 21:40:20 GMT

After you enter the Form 1099-R in the TurboTax program you will go through a series of screens asking questions. On the screen Do any of these situations apply to you? check the box labeled I transferred all or part of this money directly to charity and continue.