Transfer of IRA funds directly to charity
How is a distribution made after taxpayer has reached 70 1/2 years directly by the trustee to a charity ( the “$100,000 provision) reported on form 1099R (what distribution code in Box 7)?
That provision expires on 12/31/13 – correct?
Permalink Submitted by Alan - IRA critic on Mon, 2013-12-09 22:46
Yes, the provision for make a QCD expires 12/31/2013. Probably because Congress has never made the provision permanent, the IRS has not assigned a unique 1099R distribution code for a QCD. Therefore, the taxpayer reports a QCD on line 15 of Form 1040 must like a rollover. They enter “QCD” next to line 15b and reduce 15b accordingly.