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http://boards.fool.com/peter-this-is-another-potential-issue-for-anybody-30701643.aspx
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| Subject: Re: Charitable Contributions from an IRA | Date: 5/25/2013 8:01 AM | |
| Author: TwoCybers | Number: 72279 of 75340 | |
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Peter this is another potential issue for anybody on Medicare. I say potential because I have had two different tax pros give two different answers. Funds from an IRA whether to the IRA's owner or sent directly to the charity, will result in a 1099. Tax pro #1 says funds get entered normally which result in raising the AGI by the amount of to donation. The funds are listed as a deduction, but this does not change the AGI. If AGI increases enough, the MAGI will result in higher Medicare Part B and Part D premiums. Tax pro #2 say do not enter the 1099 information as income on the forms since the funds never entered the hands of the IRA owner. I really don't care what the correct situation is, but I just don't want people reading this to suddenly be surprised in the event Tax Pro #1 is right. Gordon Atlanta |
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