Charitable IRA Distributions

Ted109

How do i account for charitable IRA distributions? Quicken needs to
1. Update gross distributions on 1099-R Form Block 1
2. Update Taxable amount on 1009-R Form Block 2a

This should show up on Quicken tax reports, which does not happen. This is a transaction where my broker makes a cash IRS withdrawal and sends a check directly to the charity, one charity per transaction. I've tried tying the IRA tax line item on my category to gross IRS distribution,. which is true, but how do I register the charitable part? The best I've been able to do categorize it as a special charitable payment, but that keeps is off of the gross distributions total.

I wish that Quicken could be able to handle this, but, overall, Quicken is clumsy when it comes to IRA withdrawals.

Sherlock

I suggest entering the distribution as an ordinary cash withdrawal using a charitable rollover category created for this purpose (like Charity but not associated with a tax-line item).

Another approach is to enter a split transaction in a taxable spending account with an entry that receives the distribution from the IRA account and uses a rollover category for the donation created for this purpose (again, like Charity but this time associated with the 1099-R:Total IRA taxable distrib. tax-line item).

You may also want to consider voting for: https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions

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

Sherlock

I suggest entering the distribution as an ordinary cash withdrawal using a charitable rollover category created for this purpose (like Charity but not associated with a tax-line item).

Another approach is to enter a split transaction in a taxable spending account with an entry that receives the distribution from the IRA account and uses a rollover category for the donation created for this purpose (again, like Charity but this time associated with the 1099-R:Total IRA taxable distrib. tax-line item).

You may also want to consider voting for: https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions

Ted109

I can dream up kluge type workarounds myself; I'm a retired software developer. Is there an elegant solution within Quicken?

Jim_Harman

No, there is not currently an elegant solution in Quicken. If you would like the developers to consider making one, please vote on the Idea post referenced above.