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Employee

Question

Form 8606 for 2024 Desktop version calculates line 7 incorrectly. It subtracts QCD's from the total IRA distribution, when the form clearly states not to do that.

Forum|Forum|1 year ago
February 18, 2025
1 reply
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Employee

The instructions for Form 8606 clearly state that QCDs are not to be included on Form 8606 (because QCDs can only be made from the individual's pre-tax portion of their IRAs).

prtaylor56Author

Employee

Yes, the 8606 instructions say not to include QCD's (as you stated), but Turbotax does include them on Line 7. That is the point, and that is what I explained in my original post that you responded to.

Employee

If you were over age 70½ in 2024, when entering the code-7 Form 1099-R with the IRA/SEP/SIMPLE box marked and you indicated to TurboTax the amount that was transferred to charity, TurboTax will exclude that amount from the amount on Form 8606 line 7.