RMD-QCD

John_47
John_47 Member Posts: 2 Newcomer
in Live Q/A Event

How do I report a Qualified Charitable Distribution taken from RMD distribution?

· Share on Twitter

Answers

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 177

    Hi John_47,

    Thanks for the question.

    Contact your brokerage directly for the QCD. You cannot take possession of the money. It must transfer directly. "Any IRA owner who wishes to make a QCD for 2023 should contact their IRA trustee soon so the trustee will have time to complete the transaction before the end of the year."

    https://www.irs.gov/newsroom/qualified-charitable-distributions-allow-eligible-ira-owners-up-to-100000-in-tax-free-gifts-to-charity

    · Share on Twitter
  • John_47
    John_47 Member Posts: 2 Newcomer

    Yes I know this. So how do I report the QCD on my Tax Return?

    · Share on Twitter
  • cdkirchn22
    cdkirchn22 Member Posts: 22 Level 5

    Hi John_47,

    I found this post in the community which is relevant to your question:

    To summarize the answer, as long as you're over 70 1/2, you will see prompts after you enter the 1099-R information as received about what portion was a QCD.

    https://community.freetaxusa.com/discussion/315/how-do-i-show-a-qcd-on-your-tax-form

    · Share on Twitter

Categories