QCD for 2008
Has Congress already passed and extended the qualified charitable distribution (QCD) that allows a direct transfer to a qualified charity up to 100,000 so that it can be done in the 2008 tax year? If not does anyone know the status?
Thanks,
Permalink Submitted by Al Fry on Wed, 2008-04-30 19:03
Nyet.
Permalink Submitted by Alan Spross on Wed, 2008-04-30 19:18
Congress has developed two very bad habits in recent years:
1) Passing tax legislation so late in the year that many of the benefits are unusable because taxpayers were unable to plan properly
2) This is even worse in election years, and every other year is an election year.
Odds are that the QCD will be extended at some point, so clients should try and stay flexible. Part of that is not taking RMD dollars before the QCD if the QCD is to cover the RMD requirement. If it does not pass, then very late in the year clients must remember to take their full RMD.
Permalink Submitted by Al Fry on Thu, 2008-05-01 02:26
But we have to give Congress some slack. They are busy working on more important things, like finding out which baseball player lied about using steroids!