• QCD

    From Bill W.@21:1/5 to All on Thu Mar 10 22:08:42 2022
    Haven't used Freetax USA before but friend is trying to enter a QCD. Does anyone know their procedure?

    tks all

    bw

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  • From Stan Brown@21:1/5 to Bill W. on Thu Mar 10 23:48:03 2022
    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>


    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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  • From Bill W.@21:1/5 to Stan Brown on Thu Mar 17 23:19:58 2022
    On Thursday, March 10, 2022 at 11:48:52 PM UTC-5, Stan Brown wrote:
    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>


    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...
    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.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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    * Origin: fsxNet Usenet Gateway (21:1/5)