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

dooley_richard · ‎March 12, 2021

BillM223 · ‎March 12, 2021

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).

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macuser_22 · ‎March 12, 2021

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

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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