IRA

Forum|Forum|3 years ago
June 28, 2023
1 reply
9 views

I have my IRA minimum distribution sent directly from my financial institution to my Church. How do I handle the 1099 the financial institution sends me. Do I declare that as income? I take the standard deduction.

Ask the Experts - Energy - June 2023

John-H2021

Level 6

Helloo MsWilee,

What you are doing is considered a Qualified Charitable distribution. You will receive a 1099-r for the distribtion. The 1099-R will be reported on your tax return but will not be considered taxable income. Because it is not being included in income you can't tax it as a charitable distribtuin if you itemize deductions.

Here is a link with more information in it for you

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-r/qualified-charitable-distribution/L2IyjNQkb_US_en_US

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