Charitable IRA Distributions
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Ted109
Member ✭✭
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.
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.
1
Best Answer
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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-conversions6
Answers
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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
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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-conversions6 -
I can dream up kluge type workarounds myself; I'm a retired software developer. Is there an elegant solution within Quicken?-1
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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.QWin Premier subscription0
This discussion has been closed.