Direct Cont from IRA to Charity
I apologize for a stupid question.
We all know that a person past RBD can give directly from an IRA to a charity.
Can a person under RBD do the same without it showing on the tax return?
I apologize for a stupid question.
We all know that a person past RBD can give directly from an IRA to a charity.
Can a person under RBD do the same without it showing on the tax return?
Permalink Submitted by Alan - IRA critic on Mon, 2016-11-21 22:40
The minimum age is 70.5 to the day, not the RBD. If an IRA distribution that does not qualify as a QCD is made to a charity, it is reportable on the person’s tax return just like any other IRA distribution. To the extent the donation is eligible and the person is itemizing deductions, the donation can be itemized. Note that even a valid QCD must be reported on the tax return as a distribution on line 15a, but not on 15b with “QCD” entered on the line next to 15b. This QCD will not be included in AGI or taxable income, whereas a non QCD donation will always be included in AGI even when not included in taxable income due to itemizing.