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CHARITABLE GIFT ANNUITIES

I GAVE  2  GIFT ANNUITIES LAST YEAR ....EACH  FOR $60,000 IN CASH.....WHERE  I ENTER MY  DEDUCTIONS  IT ASK FOR DONATION AMOUNT  FOR EACH CHARITY ...DO I ENTER THE $60,000 OR    $24,670 WHICH CHARITY FIGURES IS REMAINDER AMOUNT THEY WILL RECEIVE  

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1 Reply
LindaB1993
Expert Alumni

CHARITABLE GIFT ANNUITIES

Since you stated that these were charitable donations from an annuity, you may receive a Form 1099-R showing the gross distribution in box 1.

 

If this was done as a qualified charitable deduction (QCDs) it is not reported under deductions and credits. 

 

Please enter the Form 1099-R exactly as received under Wages & Income -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R).  In the follow-up, indicate that the distribution was transferred to a charity and enter the total amount that was donated.  TurboTax will place the gross amount of the distribution on Form 1040 line 4a  but will exclude the QCD amount from line 4b.  TurboTax will notate "QCD" on the line.

 

Note that only an individual age 70½ at the time of the distribution can make a QCD from an IRA account.  If you were not age 70½ or older in the tax year, TurboTax will not offer the opportunity to indicate that any amount was a QCD.

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