In the follow-up indicate that some or all of the distribution was transferred to charity.
Instructions for turbo tax: For people doing Qualified Charitable Deductions (QCD) for their RMD, they need to provide some supporting documentation with their return. The IRS does not require any supporting documentation to be included with your tax return when reporting a QCD.
What is a QCD on Form 1040?
This is called a qualified charitable distribution, or QCD.) When you file your Form 1040, you report the total distribution of $6,300 on line 4a. Then report $1,300 on line 4b and enter “QCD” to indicate that the remaining $5,000 is a qualified charitable distribution, which is not taxable.
Another frequent query is “How are QCDs reported on 1099-R?”.
QCDs are reported as a normal distribution on IRS Form 1099-R for any non-Inherited IRAs. In other words, the Form 1099-R will NOT make any mention of your QCDs. It is your responsibility to tell your tax preparer the amount of IRA distributions that were QCDs.
Where do you put QCD on 1099-R?
On line 4b, you will enter only the amount that is taxable, which excludes your QCD. The IRS recommends writing ‘QCD’ on line 4 between boxes 4a and 4b. How is a QCD reported on a 1099-R? A QCD is reported as a normal distribution on IRS Form 1099-R for any non-Inherited IRAs.
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