I made qualified charitable distributions from my IRA. I received 2 1099Rs for the account, one with the QCD amount and the other with the funds I withdrew and received. The 1099R with the QCD amount has a Y and a 7 code. I checked the box on the TT questionnaire that I made a QCD and I entered the amount. TT classified the QCD amount as undistributed funds as if I did not meet my RMD and calculated a penalty. This is incorrect. The QCD counts toward the RMD. How do I correct this problem?
You'll need to sign in or create an account to connect with an expert.
I have the same issue, my 1099 shows only the taxable amount distributed to me ,and i entered the QCD into TT but it did not add the two together to accurately satisfy my RMD
Follow these steps to reset the logic:
The program should be adding the 2 together when they are both marked as full RMD.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
svpcfo01
New Member
vg101
New Member
user17766283327
New Member
dav321
Level 1
cririuss_ca
Level 2