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Post by kathiel on Feb 1, 2023 18:31:59 GMT
In 2022, I made charitable contributions from my IRA. So when I printed out my 1099 for that IRA, I expected the charitable contributions to be reflected in some way. But they are not. Both the Gross Distribution and the Taxable amount are the same. I asked the brokerage about this and got a rather snarky response "We don't give tax advice."
Others of you who give to charities from your IRA, how does your brokerage manage it? How do you account for this on you tax forms?
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Post by Capital on Feb 1, 2023 19:21:02 GMT
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Post by kathiel on Feb 1, 2023 19:33:01 GMT
Thanks so much, Capital - that is just what I needed!
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hondo
Commander
Posts: 145
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Post by hondo on Feb 1, 2023 19:43:26 GMT
The QCD is not recorded on the 1099 from the brokerage firm. If you do your tax return online with Turbo Tax or some other firm like them, they will ask you to enter your IRA Distributions (RMD) and then will ask if you made a QCD. You will then enter the amount of the QCD. When the tax return is printed out, there will be one line that shows the total IRA Distributions and another line showing the Taxable Amount (total IRA Distributions less QCD). The letters QCD will be printed next to the Taxable Amount. Hope this helps.
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Post by kathiel on Feb 1, 2023 21:04:01 GMT
Thanks for this additional informations, Honda. I do use Turbo Taxi.
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Post by liftlock on Feb 2, 2023 0:33:15 GMT
The QCD is not recorded on the 1099 from the brokerage firm. If you do your tax return online with Turbo Tax or some other firm like them, they will ask you to enter your IRA Distributions (RMD) and then will ask if you made a QCD. Just to clarify, RMD amounts are not specifically shown on IRS form 1099-R. The 1099-R shows the total amounts distributed from the IRA which may or may not include RMDs. I maintain a spreadsheet accounting of my QCDs (and keep photo copies of cancelled checks) so that I can claim them on my tax return. The IRS does not ask for QCDs to be reported on form 1099-R so brokers don't do it. I have not seen QCDs listed among the category codes appearing on the back of the 1099-R. |
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Post by kathiel on Feb 13, 2023 20:59:38 GMT
Just a quick post to say thank you to all who helped me with this. I have completed that section of my taxes, and it worked just like you said!
I can't finish my taxes yet, as I still have one K-1 to deal with.
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