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#1482720 - 12/18/10 02:12 PM IRA "Qualified Charitable Dist." extended
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
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Congress passed HR 4853. The President signed it on Friday. From an IRS announcement addressing Section 725 of the bill:

It includes an extension of qualified charitable distributions (QCDs) for 2010 and 2011. QCDs are nontaxable distributions from an age 70 ½ or older individual’s IRAs (other than SEP or SIMPLE IRAs) of up to $100,000 made directly by the IRA trustee(s) to organizations eligible to receive tax-deductible contributions. H.R. 4853 would permit 2010 QCDs until January 31, 2011.

On its face, that's no help to taxpayers who have already taken their 2010 RMD. Its possible, if not likely, that the IRS will issue guidance on how those taxpayers could take advantage of the last minute change. It will also be necessary for the IRS to explain how a 2010 RMD can be carried over into the following calendar year and any effects on the IRA fiduciary's reporting responsibilities. (There may not be any effects on 1099R reporting at all. In previous years the distribution was reported as "normal" and the taxpayer was simply instructed to document the QCD on his Form 1040.)
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#1484384 - 12/22/10 09:19 PM Re: IRA "Qualified Charitable Dist." extended Elwood P. Dowd
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
I'm waiting patiently (har har) for the IRS to clarify the reporting requirements for 2010 QCDs taken in January of 2011. I'm also going to be interested in how they will answer the question as to why QCDs will be allowed beyond the December 31st deadline for RMDs but regular RMDs will not get this same extension.

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