Skip to main content
February 15, 2021
Question

Charitable Contributions from IRA's

  • February 15, 2021
  • 1 reply
  • 0 views

If I made qualified charitable distributions from my IRA which are not part of my RMD for 2020, can I still exclude them from taxable income, even though they are included in the 1099R taxable income amount? 

1 reply

February 15, 2021

Yes.  You need to be at over 70 1/2 to take the Qualified Charitable Distribution deduction for your withdrawal.  If you are at least 70 1/2,  TurboTax will ask whether a portion of your withdrawal was QCD under the Uncommon Situations screen directly after you entered the 1099R information in TurboTax Online.  Please follow these steps to enter your 1099-R and QCD:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R
  4. On the Uncommon situations screen, check the box "I transferred all or part of this money directly to charity"
  5. Continue until "How much was a RMD?" and select "None".  No RMD requirement for 2020.
  6. Continue "How much did you transfer directly to charity" enter amount.
  7. Continue answering the questions.

You can verify your entry by looking at your Form 1040 line 4 or 5:

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left