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#1
03-26-2008, 10:05 PM
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 Re: Donation direct from IRA? In article <QDvGj.3649$Ew5.1945[at]trnddc04> , "Phil Marti" <prm20871[at]verizon.net> wrote: - quote - > > We made one of those "donation to charitable organization, paid directly
Thanks -- I get it!> > from an IRA" gifts that were allowed last year. > > So, on my return I just include that gift amount in the Pensions and IRA > > Withdrawal income category total? > No. You read the instructions for line 15 of the 1040. > > And then include the same amount in the Itemized Deductions/Cash > > Contributions category? > No, you read the instructions for line 15 of the 1040. You may note there's > a theme developing here. [As a side note, however, I don't find any mention of this topic in the detailed 36 page Tax Organizer form that my commercial tax preparation service sends me each year: not in the 5 pages of Misc. Questions at the front of the organizer, not on the Pensions & IRA Distributions income page, not on the Itemized Deductions/Cash Contributions page. Guess its short-term character kept it from being added.] -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-26-2008, 04:24 PM
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| Re: Donation direct from IRA? "AES" wrote: - quote - > We made one of those "donation to charitable organization, paid directly
Correct> from an IRA" gifts that were allowed last year. > Looks like TIAA-CREF treats this as just one more withdrawal during the > year (I'm in the 70+ mandatory minimum withdrawal category), reporting > it to me on one additional 1099-R form (with no tax withholdings taken > on this one). - quote - > So, on my return I just include that gift amount in the Pensions and IRA
No. You read the instructions for line 15 of the 1040.> Withdrawal income category total? - quote - > And then include the same amount in the Itemized Deductions/Cash
No, you read the instructions for line 15 of the 1040. You may note there's> Contributions category? a theme developing here. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-26-2008, 03:17 PM
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| Donation direct from IRA? We made one of those "donation to charitable organization, paid directly from an IRA" gifts that were allowed last year. Looks like TIAA-CREF treats this as just one more withdrawal during the year (I'm in the 70+ mandatory minimum withdrawal category), reporting it to me on one additional 1099-R form (with no tax withholdings taken on this one). So, on my return I just include that gift amount in the Pensions and IRA Withdrawal income category total? And then include the same amount in the Itemized Deductions/Cash Contributions category? Don't see any other special way to handle these . . . -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| direct, donation, ira |
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