RMD / QCD – One Request For Two Distributions
I have two IRAs. Requesting a total RMD of $3,221 from only one IRA and two checks. One for a QCD of $2,221 made payable to a charity and second check for $1,000 made payable to me. Custodian says I can modify and use just one RMD distribution form (their form) to request both distributions. Does this create an issue with the IRS and the 1099 I will receive?
Permalink Submitted by Alan - IRA critic on Fri, 2017-09-29 17:34
No issue, since there are no special 1099R procedures for a QCD. Your 1099R will show 3,221 with the usual code of 7. For your 1040 filing you would show 3,221 on line 15a, 1,000 on 15b and enter “QCD” next to 15b. Note that if your IRA contains any basis from after tax contributions (Form 8606), please advise since that complicates things when you do a QCD.