I made four separate donations to charities from my Required Minimum Distribution. How do I list each of those charities?

[SweetieJean]

@fanfare  NJ does not recognize QCD's, but does have a retirement income deduction.

[IreneS · Accepted solution]

You don't list the charities in your tax return.

You indicate that the distribution is designated as a nontaxable Qualified Charitable Distribution (QCD) in the questions that follow the 1099-R entry screen:

1. On the Transfer to Charity screen, mark the radio button that you had all [or part] of this distribution transferred to charity and click Continue. 
2. Enter the charitable portion on the next screen.
3. The next screen, Qualified Charitable Distribution (QCD), will confirm your charitable distribution.

Remember that you cannot also claim this amount as a charitable deduction.

[SweetieJean]

This answer is correct. Just be aware that some states do not recognize QCDs, so you may owe state taxes.

[fanfare]

does NJ recognize QCD ?

[Fotoman1]

State taxes don't apply here.  Do I need to use Form 8606?   This is what I have from the IRS:

How do I report a qualified charitable distribution on my income tax return?

To report a qualified charitable distribution on your Form 1040 tax return, you generally report the full amount of the charitable distribution on the line for IRA distributions. On the line for the taxable amount, enter zero if the full amount was a qualified charitable distribution. Enter "QCD" next to this line. See the Form 1040 instructions for additional information.

You must also file Form 8606, Nondeductible IRAs, if:

·         you made the qualified charitable distribution from a traditional IRA in which you had basis and received a distribution from the IRA during the same year, other than the qualified charitable distribution; or

·         the qualified charitable distribution was made from a Roth IRA.

[IreneS]

Do either of the provisions for including the 8606 apply to you?  1--Basis in the traditional IRA; or 2--Did the QCD come from a Roth IRA? If not Form 8606 is not necessary.

TurboTax does exactly what is specified by the IRS.  The total amount of distribution shows on line 4a of the 1040 and the taxable amount (0) shows on line 4b with "QCD" in the margin.

[macuser_22]

Commend removed and edited.   I just noticed that you said Roth IRA.

There is no benefit of taking a QCD from a Roth IRA since not RMD is required from a Roth and a Roth is not taxable to begin with.

[macuser_22]

Above comment edited.

You cannot enter a QCD for a qualified Roth distribution into TurboTax.

Per the IRS 1040 line 4 instructions:
"You can't claim a charitable
contribution deduction for any
QCD not included in your income."

Because a qualified Roth distribution is not taxable it would not be included in your income even if not a QCD, so there is noting to deduct.

[Fotoman1]

Thank you for your help.

So, take a look at the screenshot I have posted and tell me how I should answer this question?

[Fotoman1]

To give some clarity:

$xx,xxx was the required RMD

$y,yyy was a QCD

$z,zzz the difference was put into a non-qualified account.

Did I receive a partial RMD or the Full RMD?

Thank you again for your help.

Harry

[HopeS · Accepted solution]

Yes, the amounts distributed as a QCD can be counted toward satisfying your RMD for the year, up to $100,000. The QCD is excluded from your taxable income.

To calculate your required minimum distribution, simply divide the year-end value of your IRA or retirement account by the distribution period value that matches your age on Dec. 31st each year. Every age beginning at 72 has a corresponding distribution period, so you must calculate your RMD every year.

Your required minimum distribution (RMD) is created automatically when you enter a 1099R reporting the distribution. After you enter the 1099R, there will be follow-up questions that ask about the distribution, with the RMD being one of these questions. To report the 1099R:

1. Go to federal>wages and income>all income
2. Retirement plans and Social Security>show more 
3. Ira (401K), pension plan Withdrawals(1099R) Start
4. Navigate through this entire section. Once you entered the 1099R and reach a summary page, do not stop but press continues at the bottom of the screen. Once there, there will be more questions to answer with questions pertaining to your RMD.

@Fotoman1