Personal Finance and Investing

StatGirl

(519 posts)

4. "Taxable Amount Not Determined"

Reply to question everything (Original post)

Mon Feb 4, 2019, 03:22 PM

Feb 2019

It's possible to make a charitable contribution directly from your IRA / 401k / 403b, and what you contribute isn't taxed.

Many retirement account companies will send the check to the designated charity, but they can't guarantee that contributions to that particular charity are indeed tax-deductible.

So it's up to you to adjust the amount of the RMD if some of it went to eligible charities. Turbo Tax should ask you about that later on in the process. If you didn't make any contributions, the entire RMD is taxable.

Disclaimer: I'm not a tax expert. I've just been reading up on how to make charitable contributions from our RMDs in 2019.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

10 replies

= new reply since forum marked as read

Highlight:

I just now started my return on TurboTax [View all] question everything Feb 2019 OP

What is the cost to use Turbo and is it online or do you install it? CurtEastPoint Feb 2019 #1

Online. Price depends on the program how simple or complicated your return is question everything Feb 2019 #2

I get it for free online via my credit union. forgotmylogin Feb 2019 #10

"Taxable Amount not determined" progree Feb 2019 #3

Form 8606. Oh yes question everything Feb 2019 #6

I had a 401K with both before tax and after tax parts progree Feb 2019 #9

"Taxable Amount Not Determined" StatGirl Feb 2019 #4

Contributions to a traditional IRA that were made with after-tax dollars are also not taxable progree Feb 2019 #5

That makes sense StatGirl Feb 2019 #7

I think it has to be prorated over all traditional IRAs progree Feb 2019 #8