2014 Minnesota: Qualified Charitable Distribution
Federal and Minnesota law allows taxpayers, age 70 ½ or older, to exclude from taxable income up to $100,000 per year in IRA distributions when the money goes directly to a qualified charitable organization. This is known as a qualified charitable distribution (QCD) and the amount cannot be deducted as a charitable deduction.
Certain taxpayers, who made qualified charitable distributions in 2014, may have filed an incorrect Minnesota state tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following apply to you:
- You filed your Minnesota state tax return prior March 25, 2015 AND
- You did not itemize on your federal return AND
- You received an IRA distribution AND
- All or a portion of that IRA distribution was a QCD (Qualified Charitable Distribution) AND
- That QCD amount is included on MN Schedule M1M, line 18 (charitable contributions more than $500.)
If you are affected, you may have underpaid your state tax. You may need to amend your Minnesota state tax return.
To amend your return:
- Follow these amend instructions for the TurboTax Online product.
- Follow these amend instructions for the TurboTax CD Download product.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the 2014 Minnesota: Qualified Charitable Distribution.