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Required minimum distribution from an inherited IRA (income…

required minimum distribution from an...
required minimum distribution from an inherited IRA (income reported on 1099-R)
Can a charitable gift prevent/offset the tax on the distribution?
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Answered in 10 minutes by:
3/28/2018
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 940
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Dear Customer,

For taxpayers more than 70.5 years old, they can make charitable contribution directly from their IRA distribution by direct transferring from the financial institution to the charitable organization. No matter what amount given, they can count towards required minimum distribution. The amount given to charities is excluded from taxable income amount on first page of Form 1040 income. It is called qualified charitable distributions (QCDs).

The IRS tax reporting and charitable contribution procedures are attached in the website link below.

https://www.irs.gov/newsroom/tax-free-transfers-to-charity-renewed-for-ira-owners-70-and-one-half-or-older-rollovers-this-month-can-still-count-for-2014

Regards,

Fiona

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Customer reply replied 27 days ago
Fiona, you didn't answer the question. Please try again or put it back in the pool.
Thank you,
--jeff

Dear Customer,

Please kindly clarify your question. My answer is directly on the subject. If your age is not more than 70.5 and would like to make a direct contribution from the inherited IRA to gift to the charitable organization, no, it cannot offset. You have to recognize the income first, then, make donation to charitable organization, and report on Schedule A as cash contribution.

The direct offset is only for taxpayer with age over 70.5.

Regards,

Fiona

Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 940
Experience: Former IRS Revenue Agent
Verified
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Dr. Fiona Chen
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