Amount of regular (not Roth) IRA QCD calculated by line 15a and 15b in form 1040 ($12500) was posted incorrectly on later "Explanation" page AND in my CO state form (as $10440), and likely also considered incorrectly in my MN state form.
You'll need to sign in or create an account to connect with an expert.
QCDs are excluded from the amount reported on line 15b. TurboTax does this automatically when in the follow-up to entering the Form 1099-R you indicate that you had your IRA custodian transfer the QCD amount directly to the charity.
For both Colorado an Minnesota, if you itemize deductions on your federal tax return, your QCD has already been excluded from your state income. However, if you use the standard deduction on your federal income tax return, you can take a subtraction from income on your state income tax return for the amount of the QCD. I'm not familiar with TurboTax's Colorado and Minnesota tax software, but I imagine that they would determine this subtraction automatically.
QCDs are excluded from the amount reported on line 15b. TurboTax does this automatically when in the follow-up to entering the Form 1099-R you indicate that you had your IRA custodian transfer the QCD amount directly to the charity.
For both Colorado an Minnesota, if you itemize deductions on your federal tax return, your QCD has already been excluded from your state income. However, if you use the standard deduction on your federal income tax return, you can take a subtraction from income on your state income tax return for the amount of the QCD. I'm not familiar with TurboTax's Colorado and Minnesota tax software, but I imagine that they would determine this subtraction automatically.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
vakerr66
New Member
sabedsfsf
Level 1
CDM523
Returning Member
dadmanx4
Returning Member
ccummin27
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.