"Don Priebe" <priebe[at]iname.com> wrote:

- quote -

I'm on the other side of this question - the charity
receiving the gift. I went to an industry continuing
education session that included this topic recently and even
the IRS speaker admitted that the rules on reporting are
vague. The whole thing seems not to have been well-planned.
Maybe we'll see some improvement if the plan is extended?

Crystal

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Don Priebe wrote:

- quote -

I have an 80 year old client for whom this worked out great.
She was planning a year end donation, and doesn't have
enough deductions to itemize. Schwab issued a check from her
IRA payable directly to the charity, and client sent it with
a note. It showed on her account as being part of her RMD
for 2006.

I don't yet know what the 1099 will look like, but this is
money that should not be taxable to her. We'll see if there
are any glitches.

JOE

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Don Priebe <priebe[at]iname.com> wrote:

- quote -

Just a 7 in box 7 and the cannot determine taxable amount
box should be checked.

The taxable amount will be the same as the gross amount.

The financial induiustry complained that they couldn't verify
the charity is a charity, so they got the above relief.

- quote -

The above info should be pretty well agreed to by the
brokerages.

--
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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Has anyone seen any details on how the mechanics of the QCD
will work? The only thing I've seen is that the gross amount
goes on 15a, the taxable (if any) on 15b, and "QCD" on the
dotted line. Nothing on Schedule A. Is there a 1099-R and is
it coded in any special way? (The 2006 1099-R instructions
don't seem to mention anything about QCDs). Pub 590 hasn't
been issued yet.

Second part - has anyone seen any indication that the IRA
custodians are ready to go with this? (The effective life of
the law is half gone already.) Fidelity, Vanguard, Price,
Janus, etc. mention QCD on their websites but don't seem to
have any details or forms. I have a class full of AARP
seniors that are interested.

--
Don EA in Upstate NY

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