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Does TurboTax correctly handle QCDs? We made QCDs for the first time, and our refund is $1,000 less than expected, and I wonder if the entire QCD amount was deducted.

To test the results, I changed the RMD amounts to reflect the RMD minus the entire QCD.  That increased my refund by $1,000.  That's why I wonder if Turbo is correct.
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1 Reply
DawnC
Employee Tax Expert

Does TurboTax correctly handle QCDs? We made QCDs for the first time, and our refund is $1,000 less than expected, and I wonder if the entire QCD amount was deducted.

TurboTax does handle Qualified Charitable Donations correctly.   A qualified charitable distribution can satisfy all or part of your required minimum distribution for the year.   You can make a qualified charitable distribution for more than the required minimum distribution, but you cannot apply any excess to a future year required minimum distribution.

 

Note: To report a qualified charitable distribution on your Form 1040 tax return, you'll use the 1099-R (even though there's no indication that it was a QCD). Enter the info as a 1099-R and you'll be asked in one of the follow-up questions if it was a Qualified Charitable Distribution.

 

TurboTax includes the full amount of the distribution reported on your Form 1099-R on line 4a (IRA Distributions) of your Form 1040 or 1040-SR. The taxable amount reported on Line 4b will be the total distribution less the QCD amount and will have "QCD" entered next to it.

 

QCD Rules and Qualifications

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