qualified charitable distribution

Charitable IRA Rollovers for 2014? Planning with a Provision That Doesn’t Exist

The provision for qualified charitable distributions (QCDs), which allows IRA and inherited IRA owners 70 1/2 or older to transfer portions of their accounts to qualifying charities tax-free. while satisfying all or a portion of their RMDs (required minimum distributions), expired at the end of 2013. Although widely expected to be reinstated by Congress at some point there is no guarantee that will actually happen. That’s especially true since this is an election year. Suppose, though, that you want to make a QCD now, while the provision doesn’t currently exist. What should you do?

You Will Receive Your 2013 IRS Form 1099-R by the end of January

You’ll be receiving a copy of your 2013 IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., if you took a distribution from your employer retirement plan or IRA last year. The employer plan or IRA custodian has to send you a copy by January 31, 2014. You’ll need to give your tax preparer a copy of it so that your retirement plan distributions are correctly reported on your federal income tax return.

3 Ways to Give to Charity in 2013

Ed Slott and Company IRA Technical Consultant Jeffrey Levine lays out 3 different ways you can give to charity in 2013, how charitable giving can help you at tax time and key strategies to take advantage of before the end of the year. It's December, so with that in mind, we lay out 3 ways you can give to charity in 2013.

Updated IRS Form 8606 Includes IRA Changes

The 2012 tax law changes, passed by Congress after the fact in 2013, have necessitated some changes in forms used to file your 2012 taxes. IRS has just updated Form 8606, Nondeductible IRAs. This latest version is dated January 15, 2013.

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