Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 1
Box 7 has the code 7

Well, here's another example of when I think I remember something only to finally realize I have my wires crossed. My apologies. I thought there was a special 1099-R code for QCD's. There isn't, so the 1099-R is absolutely correct.

A note about that "taxable amount not determined." I mentioned earlier that 1099-R's for IRA distributions should always have that box checked. Since one can have IRAs with multiple custodians no single custodian can be 100% sure what the taxable amount of a specific distribution is. In the case in point, QCD's, let's assume a taxpayer did $50,000 QCD's from 3 different accounts with 3 different custodians. To each custodian it looks like a taxable amount of zero, but when you lump them on the return there's a problem since this treatment was available only up to $100,000.

Notifying the IRS that a distribution was a QCD was done on line 15 of the 1040, so it was clearly an error in preparation for whatever reasons. Back to the original side effect of the fallout from inflated AGI, amending the return might help.

Rule Your Retirement Home Fool
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.