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My daughter wa nted $15000 to pay off her credit cards.my…

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My daughter wa nted...

My daughter wa nted $15000 to pay off her credit cards.my gross distribution I withdrew from my 401k was $16,666.66 and withheld $1,666.66 for federal tax.I received a 1099-R on the gross distribution.could i possibly use the total amount as a gift to chairity?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

When I was doing my taxes on turbo tax ihad finished putting in two 1099-R and my ssa-1099 and I was getting back 948.00 but when I puast in the last 1099-R it showed that I owed $1,650.just wondered if I could list the money I gave to my daughter as chairity

Submitted: 4 months ago.Category: Tax
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3/31/2018
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,458
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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Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

Tax deductible charities need to have been given to tax exempt status according to IRC code 501(c)(3) organizations, religious, and other qualified organizations.

https://www.irs.gov/charities-non-profits/organizations-eligible-to-receive-tax-deductible-charitable-contributions

Gifts to individuals and/or relatives are not tax deductible.

Regards,

Fiona

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