I received form 1099-R for a SIMPLE IRA distribution. The actual distribution was paid directly as a Charitable Contribution to the non-profit. The 1099-R distribution code was marked as "7", normal distribution. How do I enter the distribution so it is not subject to Federal tax?
- Make your regular input for the distribution on Screen 13.1;
- Scroll down to the Other Information section; and
- Under Charitable IRA Distributions, enter the amount that was transferred to a qualified charity (which may be smaller than the distribution reported on 1099-R) on the line for IRA distributions transferred to qualified charity.
Lacerte will compute the age of the taxpayer based on the DOB entered and, if the taxpayer qualifies, the QCD will reduce the taxable amount on Line 4b and QCD will be printed on the line.
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