How do I show a QCD on your tax form?
Best Answer
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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?
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.
