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Returning Member
posted Mar 29, 2024 11:01:09 AM

Purchasing a Charitable Gift Annuity using a RMD from a Traditional IRA

In 2023 I used my full RMD (approximately $47K) to purchase a charitable gift annuity from a college which is a qualified charity. I understand this was enabled as a one-time only provision of the Scores 2.0 Act. How do I report both the distribution and the deduction on my form 1040 (or should it be reported on a different form?). Thanks.

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1 Best answer
Level 15
Mar 29, 2024 11:09:44 AM

After you have completed entry of the Form 1099-R you will be asked a series of questions, one will be about a Transfer to Charity.  

 

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

 

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

 

2 Replies
Level 15
Mar 29, 2024 11:09:44 AM

After you have completed entry of the Form 1099-R you will be asked a series of questions, one will be about a Transfer to Charity.  

 

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

 

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

 

Returning Member
Mar 29, 2024 11:23:02 AM

THANKS!!