Reply To: Taxable amount on 1099-R does not account for QCD’s

Home Fairmark Forum Retirement Savings and Benefits Taxable amount on 1099-R does not account for QCD’s Reply To: Taxable amount on 1099-R does not account for QCD’s

#5158
dienerte
Participant

Your investment firm does not know whether or not you contributed to a qualified charitable organization. Therefore the amount reported on the 1099-R is your full distribution amount. It is up to you to report the RMD correctly by reporting both the full distribution amount on one line and the same amount less the QCD as taxable income on that same line to the right. If doing your return manually you must indicate to the left of the taxable amount the notation QCD. Most software programs will make that notation for you if you properly indicate the full and taxable amount and that there was a QCD.
Tom D.