Submitted By: someone
Answered: April 21, 2017 8:48 am

I’m 73 years old and transferred money from my IRA directly to a public charity. The amount of the transfer covered my required minimum distribution. Where do I report this?

If the distribution is a qualified charitable distribution (QCD), enter the total distribution on line 15a of Form 1040. Then, if the total amount distributed is a QCD, enter -0- on line 15b. If only part of the distribution is a QCD, enter the part that is not a QCD on line 15b, assuming that the IRA was funded entirely with deductible contributions. Enter “QCD” next to line 15b.

Tax Glossary

Individual retirement account (IRA)

A retirement account to which up to $4,000 (or $5,000 if you are 50 or over) may be contributed for 2007, but deductions for the contribution are restricted if you are covered by a company retirement plan. Earnings accumulate tax free.

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