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.--Peter
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra