Qualified Charitable Distribution from IRA

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Subject Author Date Qualified Charitable Distribution from IRA Don Priebe 01-07-2007  Re: Qualified Charitable Distribution from IRA Arthur Kamlet 01-08-2007  Re: Qualified Charitable Distribution from IRA joetaxpayer 01-08-2007  Re: Qualified Charitable Distribution from IRA pleasedontemailme 01-08-2007
Posted by Don Priebe on January 7, 2007, 11:11 pm Please log in for more thread options Has anyone seen any details on how the mechanics of the QCD will work? The only thing I've seen is that the gross amount goes on 15a, the taxable (if any) on 15b, and "QCD" on the dotted line. Nothing on Schedule A. Is there a 1099-R and is it coded in any special way? (The 2006 1099-R instructions don't seem to mention anything about QCDs). Pub 590 hasn't been issued yet. Second part - has anyone seen any indication that the IRA custodians are ready to go with this? (The effective life of the law is half gone already.) Fidelity, Vanguard, Price, Janus, etc. mention QCD on their websites but don't seem to have any details or forms. I have a class full of AARP seniors that are interested. -- Don EA in Upstate NY << ======================================================= >> << 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. >> << ======================================================= >> Posted by Arthur Kamlet on January 8, 2007, 9:58 pm Please log in for more thread options > Has anyone seen any details on how the mechanics of the QCD > will work? The only thing I've seen is that the gross amount > goes on 15a, the taxable (if any) on 15b, and "QCD" on the > dotted line. Nothing on Schedule A. Is there a 1099-R and is > it coded in any special way? (The 2006 1099-R instructions > don't seem to mention anything about QCDs). Pub 590 hasn't > been issued yet. Just a 7 in box 7 and the cannot determine taxable amount box should be checked. The taxable amount will be the same as the gross amount. The financial induiustry complained that they couldn't verify the charity is a charity, so they got the above relief. > Second part - has anyone seen any indication that the IRA > custodians are ready to go with this? (The effective life of > the law is half gone already.) Fidelity, Vanguard, Price, > Janus, etc. mention QCD on their websites but don't seem to > have any details or forms. I have a class full of AARP > seniors that are interested. The above info should be pretty well agreed to by the brokerages. -- Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH << ======================================================= >> << 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. >> << ======================================================= >> Posted by joetaxpayer on January 8, 2007, 9:58 pm Please log in for more thread options Don Priebe wrote: > Has anyone seen any details on how the mechanics of the QCD > will work? The only thing I've seen is that the gross amount > goes on 15a, the taxable (if any) on 15b, and "QCD" on the > dotted line. Nothing on Schedule A. Is there a 1099-R and is > it coded in any special way? (The 2006 1099-R instructions > don't seem to mention anything about QCDs). Pub 590 hasn't > been issued yet. > > Second part - has anyone seen any indication that the IRA > custodians are ready to go with this? (The effective life of > the law is half gone already.) Fidelity, Vanguard, Price, > Janus, etc. mention QCD on their websites but don't seem to > have any details or forms. I have a class full of AARP > seniors that are interested. I have an 80 year old client for whom this worked out great. She was planning a year end donation, and doesn't have enough deductions to itemize. Schwab issued a check from her IRA payable directly to the charity, and client sent it with a note. It showed on her account as being part of her RMD for 2006. I don't yet know what the 1099 will look like, but this is money that should not be taxable to her. We'll see if there are any glitches. 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. >> << ======================================================= >> Posted by pleasedontemailme on January 8, 2007, 10:17 pm Please log in for more thread options > Has anyone seen any details on how the mechanics of the QCD > will work? The only thing I've seen is that the gross amount > goes on 15a, the taxable (if any) on 15b, and "QCD" on the > dotted line. Nothing on Schedule A. Is there a 1099-R and is > it coded in any special way? (The 2006 1099-R instructions > don't seem to mention anything about QCDs). Pub 590 hasn't > been issued yet. > Second part - has anyone seen any indication that the IRA > custodians are ready to go with this? (The effective life of > the law is half gone already.) Fidelity, Vanguard, Price, > Janus, etc. mention QCD on their websites but don't seem to > have any details or forms. I have a class full of AARP > seniors that are interested. I'm on the other side of this question - the charity receiving the gift. I went to an industry continuing education session that included this topic recently and even the IRS speaker admitted that the rules on reporting are vague. The whole thing seems not to have been well-planned. Maybe we'll see some improvement if the plan is extended? 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. >> << ======================================================= >> Similar Threads Posted Qualified plans out of compliance June 29, 2007, 6:07 pm Qualified production activity? March 15, 2008, 10:17 am Ordinary and Qualified Dividends? April 4, 2008, 12:16 am Non-Qualified Variable Annuity June 10, 2006, 4:19 pm Can an S-Corporation Pay Qualified Dividends? 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