Haven't used Freetax USA before but friend is trying to enter a QCD. Does anyone know their procedure?
On Thu, 10 Mar 2022 22:08:42 EST, Bill W. wrote:
Haven't used Freetax USA before but friend is trying to enter a QCD. Does anyone know their procedure?Form 1040 line 4a is the gross amount of the distributions, including
the QCD, and line 4b is the taxable amount, excluding the QCD.
I'm using FreeTax USA also, and though I don't have a QCD for 2021 I
think I recall that it defaults to setting 4b = 4a but gives you a
chance to override that.
"To report a qualified charitable distribution on your Form 1040 tax
return, you generally report the full amount of the charitable
distribution on the line for IRA distributions. On the line for the
taxable amount, enter zero if the full amount was a qualified
charitable distribution. Enter "QCD" next to this line. See the Form
1040 instructions for additional information." <https://www.irs.gov/retirement-plans/retirement-plans-faqs- regarding-iras-distributions-withdrawals>
--FREETAXusa , makes it easy. After the 1099R next screen asks if it part or whole of a QCD, then fill in amount. Prints our QCD on line 4b or thereabouts.
Stan Brown, Tehachapi, California, USA https://BrownMath.com/
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