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March 13, 2025
Question

This $20,000 gift was sent directly from my IRA so do I report the gift here?

  • March 13, 2025
  • 1 reply
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Are direct gifts to Charity from an RMD of my IRA reported here?

    1 reply

    VolvoGirl
    Employee
    March 13, 2025

    I don’t know where “here” is, I can’t see your return or screen.  You should have a 1099R for it.

    Enter a 1099R under
    Federal Taxes
    Wages & Income
    Then scroll way down to Retirement Plans and Social Security
    Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

     

    While entering your form 1099-R, if you have entered a birth date which makes you older than 70 1/2 in the tax year, TurboTax will ask you if any portion of your distribution was transferred to charity. You can then enter the amount transferred to charity.

     

    The code in box 7 of form 1099-R must be 7 and the box IRA/SEP/SIMPLE must be checked.

     

    TurboTax will then reduce the taxable amount by the amount transferred to charity.

     

    A IRA QCD should be 0 taxable on 1040 line 4b and QCD written by it.  Unless you have other 1099R taxable amounts on 4b.