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I have a client that receiced a 1099-Rfor $60,000 with

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distribution code F and $12,000...
I have a client that receiced a 1099-Rfor $60,000 with distribution code F and $12,000 in federal income tax withheld.She didnt receive the money as it was given to a charity of her choice. In addition to accounting for the 1099 where else does the $60,000 go on the return?
Submitted: 3 months ago.Category: Tax
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Customer reply replied 3 months ago
anything else needed?
Answered in 1 hour by:
3/20/2018
Tax Professional: Gerald, Esq, Attorney replied 3 months ago
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,343
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Tax Professional: Gerald, Esq, Attorney replied 3 months ago

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

Because she directed where the money was to go it is still treated as incomce. She reports it on Form 1040 line 15a or 16a s appropriate to the source of the funds.

She will report the $12,000.00 withheld under the taxes paid section of the 1040.

She will claim a Charitable Contribution Deduction for cash in the amount of money that wen to the charity.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

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Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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Customer reply replied 3 months ago
she reports $60,000 as income and $48,000 as a charitable contribution, with $12,000 as fed withheld? Which means she really pays taxes on $12,000 since its the net that goes to charity?As far as NY IT-201 goes can any part be $20,000 deductible as a pension and annuity exclusion or is it listed as above?
Customer reply replied 3 months ago
Is there additional information needed?
Tax Professional: Gerald, Esq, Attorney replied 3 months ago
Sorry for the delay. I'm on road. Just stopped for lunch.If the source of the funds were her retirement funds she is entitled to some break on her NY taxes. Right now I can't say what that is because I am traveling.Your summary is correct.
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Customer reply replied 3 months ago
But if she had other annuities it would be a total of $20,000 on the NYS return in any event?
Tax Professional: Gerald, Esq, Attorney replied 3 months ago
That's correct. NY allows a $20,000.00 exclusion on retirement distributions if the recipient is 59 and 1/2 years old or older. That's the maximum.
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Tax Professional: Gerald, Esq, Attorney replied 3 months ago
Going back on road. Will be available a little later.
Thank you for your patience.
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Customer reply replied 3 months ago
Is there any additional info to list when listing the charities Sch A? or do i just list themim asking how does IRS know that these chariities are the $48,000?
Tax Professional: Gerald, Esq, Attorney replied 3 months ago

Thank you for your continued patience.

The IRS does not know. The taxpayer has to keep their own records to support the deductions that they take. It is no different than any other deduction.

You report the Charitable deduction on line 16 of the 1040 and keep records to support the claim in case of an audit.

For non-cash deductions there is an additional form that has to be copleted for donations over $500.00. But your situation is treated as a cas donation.

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