topic Re: RMDs in Retirement tax questions

RMDs

batwings — Sat, 15 Feb 2020 16:38:16 GMT

I have a 1099-R for an RMD that was given as a charitable donation. Do I have to report the 1099-R anyway?

Re: RMDs

dmertz — Sat, 15 Feb 2020 16:42:12 GMT

Yes, it must be included on your tax return. If the RMD was from an IRA, TurboTax will ask how much of distribution was transferred directly to charity, will exclude this amount (up to $100,000) from taxable income and will include the "QCD" notation on Form 1040 line 4b. If you made a contribution to charity that does not qualify as a QCD, such as an RMD from a 401(k) or a contribution you made after the distribution was paid to you, you must claim a charitable deduction on Schedule A.

Re: RMDs

batwings — Sat, 15 Feb 2020 16:56:10 GMT

Thank you. If I made a charitable contribution that qualifies as a QCD can it also be listed on the form as an itemized deduction?

Re: RMDs

dmertz — Sat, 15 Feb 2020 17:02:03 GMT

No, not if you claim it as a QCD. You don't get to double-dip.

Re: RMDs

batwings — Sat, 15 Feb 2020 17:14:43 GMT

Thank you.