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

[taxmanwalrus]

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.

[DoninGA · Accepted solution]

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

[taxmanwalrus]

THANKS!!