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Posted by Jim Chapman on November 12, 2006, 3:44 pm
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Can anyone recommend a web site that has the details on how
gifting thru the trustees of an IRA will work out in filling
out tax forms? I couldn't find much help on the irs.gov web
site when keying in the Pension Act of 2006.
--
Jim Chapman
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<< that may be imposed upon the taxpayer. >>
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Posted by Phil Marti on November 13, 2006, 7:49 pm
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> Can anyone recommend a web site that has the details on how
> gifting thru the trustees of an IRA will work out in filling
> out tax forms? I couldn't find much help on the irs.gov web
> site when keying in the Pension Act of 2006.
I haven't seen anything yet, but it's really not important
until it's time to prepare the return. There's no
particular reason why anything will have to be reported on
the taxpayer's return since all the information would be
available through third-party reporting. Something akin to
Roth contributions.
The important procedural thing for the taxpayer at this
point is to make sure that the gift goes directly from the
IRA custodian to the charity.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by joetaxpayer on November 13, 2006, 7:49 pm
Please log in for more thread options Jim Chapman wrote:
> Can anyone recommend a web site that has the details on how
> gifting thru the trustees of an IRA will work out in filling
> out tax forms? I couldn't find much help on the irs.gov web
> site when keying in the Pension Act of 2006.
Interesting timing. I brought this topic (The IRA direct
gifting) up on the unmoderated group to little fanfare. I
trusted that the target audience was pretty limited, those
who were over 70-1/2, had IRAs, did not itemize, and made
charitable donations, but hadn't made them yet for 06. I
noted that I was advising a woman who had all the above in
her favor, telling me that she had a $2000 intended 06
donation as we sat to review her year end numbers. I had a
long conversation with a Charles Schwab service person who
had the same comment for me. That the forms weren't out yet.
I am trusting that since the law was signed and in effect,
that the 2006 tax forms will have a place to show one's RMD,
and then account for the reduction for the donation. Schwab
will take the donation amount and make the check payable to
the charity but mail it to my client. She'll send it on to
the charity.
I imagine that as with any of these changes, the forms will
be available by end of January, no need to panic.
JOE
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by pleasedontemailme on November 13, 2006, 7:49 pm
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> Can anyone recommend a web site that has the details on how
> gifting thru the trustees of an IRA will work out in filling
> out tax forms? I couldn't find much help on the irs.gov web
> site when keying in the Pension Act of 2006.
> Jim Chapman
I work for a 501(c)3 organization and recently attended a
tax conference where this was a topic. The IRS
representative said there would be specifics in the 1040
instructions.
You must get a tax receipt and may not receive any quid pro
quo benefits from the deduction. The limit is $100,000 and
the deal is good for only 2006 and 2007. The taxpayer does
not recognize income and does not get a deduction, so
although the transaction is permitted for both regular and
Roth IRAs it would not be beneficial to the taxpayer to use
a Roth. This type of transaction will qualify towards the
minimum distribution.
-Crystal
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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