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ricbar27
New Member

I need to learn how to enter for a QCD transaction

 
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MargaretL
Expert Alumni

I need to learn how to enter for a QCD transaction

All you have to do is enter form 1099-R into TurboTax and answer follow up questions. As soon as the form is entered, the program asks Transfer to charity? question.  Please be sure to select if you had all or part of the distribution transferred to charity (see pic).

You qualify for a  QCD if:

  • You are over the age of 70 and 1/2, and 
  • the gift must be given to an organization that qualifies as charitable organization, and
  • it must be sent directly from an IRA to a charitable organization

1099-R form data entry:

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)

Note: if you claim the distribution as a QCD, please do not enter the amount as a charitable contribution in the Deduction and Credits section.  A QCD is not included in your taxable income and you can't deduct it again under charitable contributions. 

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