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chap-0105
New Member

I received rmd from charles schwab for 2020. I donated it all to charity. How do I show that on my tax return?

Do I add it to charitable deductions?  The information did not change the amount of my refund, so I'm wondering how to account for this donation.
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3 Replies

I received rmd from charles schwab for 2020. I donated it all to charity. How do I show that on my tax return?

Did you donate it yourself or did you have Schwab do a QCD transfer from Schwab directly to the charity and you never touched the money?

 

 

**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.**

I received rmd from charles schwab for 2020. I donated it all to charity. How do I show that on my tax return?

I had the brokerage issue the check directly to the charity

BillM223
Expert Alumni

I received rmd from charles schwab for 2020. I donated it all to charity. How do I show that on my tax return?

This is called a QCD or "qualified charitable distribution".

 

Enter the 1099-R that you received. Answer the questions that follow. When you see "What did you do with the money?", answer "I did something else with it." TurboTax should next ask you if you transferred this to charity, and if you say YES, it will want to know how much.

 

@davidsund2803

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