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How to enter a check written from an IRA [for Qualified Charitable Distribution from IRA]

Donald Griffith
Donald Griffith Member ✭✭
There is no provision In an Q IRA to describe a check written directly out of an IRA from available cash to Charity

Best Answers

  • Donald Griffith
    Donald Griffith Member ✭✭
    Accepted Answer
    Problem solved The Cntl N and the category now available - solves any category problem and if you have assigned the Q category to rate the withdrawal correctly, and since it is tax free, there is no charity deduction allowed.

Answers

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • I have a checking account I can write my own check directly out of an IRA to a charity. There is no description describing "why" available in the Q list of predesignated reasons for the action and it will not allow you to write in "chk" or anything out of list
  • Donald Griffith
    Donald Griffith Member ✭✭
    Accepted Answer
    Problem solved The Cntl N and the category now available - solves any category problem and if you have assigned the Q category to rate the withdrawal correctly, and since it is tax free, there is no charity deduction allowed.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Looks like I didn't!

    Frankx


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  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited September 2020
    Reviewing this discussion, I come to the following conclusion:
    • Yes, it's possible to record a Check transaction and to categorize it to a (newly created) Category Qualified Charitable Deduction Distribution from IRA.
    • However, it is not possible to assign the correct Tax Line Item to this category because the list of available tax line items is missing an entry for Form 1099-R:Qualified Charitable Deduction Distribution from IRA
    Does that sound correct?
    If so, how do we get Quicken to review this and add this line item to the list ... if possible before this year's taxes are due?

  • This mostly answers the question I posted and at least it is a workaround. My account is a Schwab Investment - somebody asked.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Hi, @Frankx ,
    thank you for pointing out my mistake, Distribution vs. Deduction.
    I have taken the liberty of changing all prior posts to use the correct word instead.
    And thank you for explaining all the nuts and bolts of QCDs.
    UKR
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