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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15447
Experience:  15years with H & R Block. Divisional leader, Instructor
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From my funds in my IRA (with a brokerage) I can make a donation

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From my funds in my IRA (with a brokerage) I can make a donation to a charity paid directly from my broker, and it does not get included in my gross earnings, nor do I get the deduction. Can I make a similar donation to the Florida Prepaid College Plan for the benefit of my grandchild from my IRA without it adding to my gross earnings?

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
The money you contribute to these plans grows tax-deferred, and when the student (beneficiary) is ready for college, withdrawals for qualified college expenses are exempt from federal income tax. But transfering funds to the college fund would not be the same as making a donation or rolling over to an elligible plan.

Robin D. :

The transfer would be a distribution and you would be taxed on the amount unfortunately.

Robin D. :

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

Robin D. :

Please advise before you rate if you need more information.

Robin D. :

I can switch to regular Q&A but we will not be able to CHAT in real time if I do.

Robin D. :

I will switch now so if you want to respond please check in your My Questions section first. This will allow us to continue.

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Customer: replied 3 years ago.

No thank you