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http://boards.fool.com/mr-goofy-i-urge-you-to-be-very-careful-here-for-30413500.aspx
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| Subject: Re: Coverdell documentation | Date: 12/4/2012 2:41 PM | |
| Author: TwoCybers | Number: 117068 of 118616 | |
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Mr Goofy I urge you to be very careful here for Un-intended consequences. My wife and I handle affairs for a friend who had a stroke. Our friend decided to donate funds from her traditional IRA to a charity. All the official Schwab forms were filled out. Check when directly from Schwab to charity. Schwab checked a box saying 'tax liability not determined' on the IRA's 1099. Tax accountant handled this just like a normal IRA distribution and listed the funds as a donation. So no Federal income tax. But those funds were listed in the AGI line. That lead to the MAGI for Part-B purposes being increased. Obviously you nobody on your 1040 gets medicare, this is not an issue. Gordon Atlanta |
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