QCD in 2013 to cont for 2012
I understand I can make a payment to a qualified Charity if I am over 70 1/2 in January 2013 equal to my IRA distribution in December of 2012 (up to $100,00) to count as a 2012 QCD. How does this remove the 2012 distribution from my 2012 AGI?
Permalink Submitted by Alan - IRA critic on Fri, 2013-01-11 18:38
Hi Al. Have not heard from you for quite awhile! If you took your distribution in December (RMD or otherwise), this year’s delinquent Congressional version of extending the QCD allows you to “roll over” any or all of your December distribution up to 100k prior to 2/1/2014 by simply writing your own check to the charity. Your 2012 1099R received in a couple weeks will just be a typical 1099R, but the amount you roll over to the charity will reduce the taxable amount on line 15b and next to 15b you would indicate “QCD” unless the 1040 booklet has special reporting instructions that differ. You would NOT do a new direct transfer in January unless you want to donate for the 2013 QCD early in the year since the first distribution in an RMD year applies to the RMD.
Permalink Submitted by Al Fry on Fri, 2013-01-11 19:54
Thanks, Alan. Been wrapped up in German Clubs.