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#1772630 - 01/04/13 06:52 PM FYI Qualified Charitable Distributions extended
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
As part of the "fiscal cliff" legislation that was passed at the start of the year, congress extended the qualified charitable distribution option for 2012 and 2013. As the deadline for taking the 2012 mandatory distribution was over for all but those that chose to delay their very first mandatory distribution, an allowance is being made for those that took distributions in December to have the amount distributed transferred to a qualified charity of their choosing by February 1st. A second provision also allows a mandatory distribution taken in January of 2013 to be recharacterized as having been taken by the December 31st mandatory distribution deadline.

The IRS has yet to provide any guidance with regards to tax reporting.
Last edited by el guapo; 01/04/13 07:06 PM.
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General Discussion
#1869103 - 11/06/13 09:22 PM Re: FYI Qualified Charitable Distributions extended el guapo
Edarnik Offline
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Joined: Oct 2013
Posts: 6
Has there been any guidance with regards to tax reporting yet? I know that previous years the distributions were categorized as "normal" and the IRA Account Holder was responsible for reporting the charitable contribution on their 1040.

Is this still the case - do we report distributions as normal?

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#1869424 - 11/07/13 05:50 PM Re: FYI Qualified Charitable Distributions extended el guapo
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
http://www.irs.gov/Retirement-Plans/Charitable-Donations-from-IRAs-for-2012-and-2013

There is information at the above link, but as far as reporting it doesn't seem to have changed. You still report the distribution on form 1099-R as a normal distribution and the client identifies the QCD on their tax filing.

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#1869775 - 11/08/13 04:58 PM Re: FYI Qualified Charitable Distributions extended el guapo
Edarnik Offline
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Joined: Oct 2013
Posts: 6
Awesome - thank you!

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