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What are tax implications when docating small IRS to state…

Customer Question
What are tax implications...

What are tax implications when docating small IRS to state university

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

IRA sorry

Accountant's Assistant: Is there anything else important you think the Accountant should know?

This IRA held in trust with university beneficary

Submitted: 3 months ago.Category: Tax
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Answered in 2 minutes by:
11/3/2017
Tax Professional: Chad EA, CFP ®, Enrolled Agent replied 3 months ago
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,363
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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W​elcome to JustAnswer! My name is ***** ***** I will be able to assist you today

Are you referring to donating a small IRA?.

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Tax Professional: Chad EA, CFP ®, Enrolled Agent replied 3 months ago

D​istributions from an IRA will need to be claimed as income and you will receive a 1099 R.

You may then donate the distribution to a qualified charity and use the proper deduction. .

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Tax Professional: Chad EA, CFP ®, Enrolled Agent replied 3 months ago

I​f this is not your question or you have additional questions please let me know!

I would be happy to answer any follow up questions you may have. At the conclusion of our conversation please take a moment to accept the answer by rating on three stars or more.

A positive rating of five stars is always appreciated.

Thank you!

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Customer reply replied 3 months ago
r u saying this donation is not tax advantage - and IRA donation is considered income - if all the IRA is donated is that what r call distribution?
Customer reply replied 3 months ago
my IRA is $33,000 and would like to donate the full amount to University of Il and understood my answer to say would be considered income - is that correct.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,473
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane. I am a different expert and I have a different answer.

...

hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

...

A fairly recent tax law change made made permanent a tax law on qualified charitable distributions (QCDs) that allows individuals 70 ½ or older to give directly from their IRA's rather than having to take a distribution that would trigger an income-tax bill.

...

The rules allow you to save on taxes and, as a result, give more if you want. Because a QCD reduces income and is not an itemized deduction, it even benefits investors who do not itemize.

...

So although this isn't really a deduction, it's keeping the otherwise taxable income when taking a DISTRIBUTION from the IRA from ever being taxable.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,473
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