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Where do I indicate the total amount of QCD checks paid from my IRA to the 501(c)3 organizations in TurboTax to lower my taxable income?
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Qualified charitable distributions.
A qualified charitable distribution (QCD) generally is a nontaxable distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization eligible to receive tax-deductible contributions. You must be at least age 70½ when the distribution was made. Also, you must have the same type of acknowledgment of your contribution that you would need to claim a deduction for a charitable contribution.
If you are 70 1/2 or older, the interview will ask if you took the RMD. After that it will ask if you make a charitable contribution. Answer yes and then enter the QCD amount.
The 1099-R box 1 amount will go in the 1040 form line 4b (taxable amount) minus the QCD amount and the total box 1 amount will go on line 4a with "QCD" next to it.
Enter a 1099-R here:
Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
Do I need to also enter each charity the QCD went directly to from my IRA somewhere in TurboTax. For example to I still fill out in the Charitable Deductions section so IRS knows what charity the QCD went to?
@rudloffm wrote:
Do I need to also enter each charity the QCD went directly to from my IRA somewhere in TurboTax. For example to I still fill out in the Charitable Deductions section so IRS knows what charity the QCD went to?
No. You cannot deduct it twice. If a QCD then you do not enter it anywhere else.
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