Tax reporting for direct contributions to charity from IRA
Does anyone know how this will be reported. Instead of a required minimum distribution, someone has the IRA custodian send that amount directly to charity.
Will a 1099R still be issued or what forms will need to be completed so the IRS can match up that the contribution satisfied the RMD?
Permalink Submitted by Al Fry on Thu, 2007-12-27 19:44
A 1099-R will be issued showing it as a Code 2 in Box 7; “Normal Distribution”. The donor would show the 1099-R amount on Line 15a of IRS Form 1040, with a “0” on Line 15b. Then the letters “QCD” (Qualified Charitable Distribution) should appear next to Line 15b.