CHARITY GIFTS from IRA Account
Can I have IRA Custodian withdraw funds from my IRA account and issue check directly to a 501C Non-profit charity such as local American Legion Post?
If so, would I be required by IRS Rules to pay income taxes on IRA withdrawal amount for such check amount?
Russ T.
Permalink Submitted by Jose Morales on Wed, 2015-02-04 17:47
There isn’t any regulation preventing you from doing this, it would really be a matter of the IRA Custodian’s procedures or system limitations. Most would not have a problem with doing this. You would receive a 1099-R for the distribution and it would be reportable income when you file your taxes, unless congress extends the charitable distribution allowance another year (or makes it permanent) and you happen to be over 70 1/2.