How do I show a QCD on your tax form?
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That didn't happen last year. I printed the form and wrote it in when completing the return in my husband's account. Maybe I wasn't using a 1099-R?
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Answers
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A Qualified Charitable Distribution (QCD) is reported by entering your 1099-R as it was issued to you and the screens that follow will ask if the distribution was a QCD. Please keep in mind that QCDs are only available for distributions to a taxpayer over 70 1/2. If you are younger than that, there isn't an option to report a QCD in the software.
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If you're reporting a QCD, then a 1099-R is required. If you're simply reporting a charitable contribution as part of your itemized deductions, that is entered in the software in the Itemized Deduction portion of the software.
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When I log into Freetaxusa to do our 2023 taxes, will I be given a 1099-R form to submit electronically or is there a way for me to request one? I give a lump sum to my church as part of our retirement distribution and take the standard deduction.
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The 1099-R comes from your IRA trustee/custodian. It shows the amount of your total distributions during the year.
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How can I file through Freetaxusa electronically then if I must use a paper form sent by Merrill Lynch?
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Are you saying I can't claim a QCD if I file electronically with you?
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You enter the data from the 1099-R into FreeTaxUSA, just like you do with any other income document (W-2, 1099-INT, Social Security, etc.)
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We did that last year but didn't see where we were asked if it was a QCD. What might we have done wrong?
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As long as you are over 70 1/2 years old & entered a 1099-R, you would have been prompted with the QCD questions. We recommend seeking help from our Customer Support if you run into any issues when reporting your information for your 2023 tax return. They will be happy to assist you to make sure you're reporting the information correctly.
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Thank you for your patience. I’m 82 and technologically challenged. Happy holidays!
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"As long as you are over 70 1/2 years old & entered a 1099-R, you would have been prompted with the QCD questions." This will be the first time using FreeTaxUSA, and I sure hope you're right. Last year I used JH, the year before H&R, and neither software app prompted me for QCDs. It took an amended return, blessedly prepared for free by JH, to get a refund of over $2K. Am looking forward (well, not exactly) to using FTUSA this year.
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i am doing taxes now and entered my 1099-r info, but part of it was a QCD. I did not get a question asking me if it was a qcd. How do i input the qcd amount?
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Are you over 70 1/2? Was the 1099-R for a distribution from an IRA and not an employer-sponsored plan (like a 401(k)?
I just entered two 1099-Rs for IRA distributions into FreeTaxUSA and I received a prompt asking me if they were QCDs for both of them.
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yes to age. Distrubuted from an IRA . I just noticed that on the income summary page it says this money is from a pension, but the form I filled out was for a 1099-R. Not sure how or why that happened
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Did you check the box on the screen where it asks if this is an IRA? 1099-Rs are used for distributions from all types of retirement plans. Right next to Box 7 there's a checkbox where the payer indicates that the form is for an IRA.
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What type of 1099-R do you have?
Form 1099-R, 401(k)/pensions/IRA distribution I CHECKED THIS BOX
CSA-1099-R, Civil Service annuity
CSF-1099-R, Civil Service survivor annuity
RRB-1099-R, Railroad Retirement Board annuities or pensions
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Common IncomeWages (W-2)Investments and SavingsUnemployment Compensation (1099-G)Social Security Benefits (SSA-1099)
Retirement Income (1099-R)
These were the options
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no! I missed that. I’ll try that. Thank you!
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When you go to the 1099-R screen, you have to enter EVERYTHING that's on the form. Including checking the box that asks you if it's an IRA. Again - next to Box 7 on the 1099-R. That's the only way the software will know that it's for an IRA.
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That did it.
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my state allows for qcd deduction, but they do not ask if any of the RMD is a QCD in the state form
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my state allows for qcd deduction, but they do not ask if any of the RMD is a QCD in the state form
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You didn't indicate what state you're in, so I have no way of answering that.
In my state, the state return starts with the Federal AGI and either adds or subtracts things where the state does not conform to the Federal. Since the QCD has already been excluded from that AGI, there would be no need to make an adjustment for any kind of additional deduction.
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I should also mention that the software already knows it's a QCD and would handle it properly for the state as well as the Federal, so there would be no need for additional questions unless there's some specific difference between Federal and state that goes beyond identifying it as a QCD.
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