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|Subject: Re: Charitable Contributions from an IRA||Date: 5/25/2013 2:52 PM|
|Author: RatioFool||Number: 72281 of 75600|
The tax law is very clear. A qualified donation directly to a charity from an IRA is not reported on your tax return. See Internal Revenue Code Section 408(d)(8). That lowers your AGI for medicare purposes as well.
Yes, you will get a 1099-R for that contribution. You leave it off the return and retain the appropriate documentation to show the IRS in case they question why it was left off.
In short, your Tax Pro #1 was wrong.
Yes, Tax Pro #1 was wrong, but in effect, qualified charitable distributions are "reported" on Form 1040. They're just are not included in adjusted gross income. See the instructions for 2012 Form 1040, Lines 15a and 15b.
Enter the total of IRA distributions from Forms 1099-R on Line 15a, "IRA distributions." Enter the part that is not for qualified charitable distributions on Line 15b, "Taxable amount." Enter "QCD" next to Line 15b.
Not a tax pro, but can follow instructions,
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