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How do I enter the transaction for sending my RMD direct to a charity from my Investment account wit

Truman100

I had my RMD sent direct to a charity from my investment account without going through my bank. How dos I enter this so it shows up at tax time?

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Accepted answers

NotACPA

Transfer the cash out of your brokerage account, probably to a Cash type account if you have one, then record the Charitable Contrib in that same account.

Quicken doesn't allow taxable transactions to be recorded in non-taxable accounts.

Even when I w/d from my IRA and have tax withheld from the distribution, I have to record the ENTIRE distribution as going to my checking account ... and then split the transaction in the checking account to reflect the taxes withheld.

All comments

mshiggins

Please see the FAQ post on this topic:

https://community.quicken.com/discussion/7185138/faq-how-to-do-an-ira-distribution-as-a-transfer-of-stock

q_lurker

I believe what you are citing is a Qualified Charitable Distribution (QCD). You might start here for such discussions or search the community for QCD:
https://community.quicken.com/discussion/comment/20048883#Comment_20048883

Truman100

Thanks for the help.

Truman100

I am still having a mental block , or something. My brokerage sent a check direct to a charity from an IRA and treating it as an RMD even though I never physically saw the cash. I understand how to enter the transaction for the sale of stocks/bonds so I end up with a cash balance in my IRA in Quicken. How do I enter the transaction for the check which the Brokerage sent to the charity so that it shows up in Quicken when I run my taxc schedule for this (2020) year?

NotACPA

Transfer the cash out of your brokerage account, probably to a Cash type account if you have one, then record the Charitable Contrib in that same account.

Quicken doesn't allow taxable transactions to be recorded in non-taxable accounts.

Ronnie D Campbell

I enter a withdrawal from my ira . enter name of charity . use charity as category. The withdrawal will count as part of your RMD for that year but it is not deductible on itemized deductions on your tax return.