{"id":30582,"date":"2022-12-01T14:34:56","date_gmt":"2022-12-01T19:34:56","guid":{"rendered":"https:\/\/www.eztaxreturn.com\/blog\/?p=30582"},"modified":"2023-05-23T12:44:58","modified_gmt":"2023-05-23T17:44:58","slug":"special-reminder-for-ira-owners-age-70-or-over","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/special-reminder-for-ira-owners-age-70-or-over\/","title":{"rendered":"Special Reminder for IRA Owners Age 70\u00bd or Over"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">WASHINGTON \u2014 The Internal Revenue Service today reminded IRA owners age 70\u00bd or over of their option to transfer up to $100,000 to charity tax-free each year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end of the year. Moreover, for those who are at least 72, QCDs count toward the IRA owner&#8217;s required minimum distribution (RMD) for the year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to set up a QCD<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Any IRA owner who wishes to make a QCD for 2022 should contact their IRA trustee soon so the trustee will have time to complete the transaction before the end of the year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Normally, distributions from a traditional individual retirement arrangement (IRA) are taxable when received. With a QCD, however, these distributions become tax-free as long as they&#8217;re paid directly from the IRA to an eligible charitable organization.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">QCDs can be made electronically, directly to the charity, or by check payable to the charity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An IRA distribution, such as an electronic payment made directly to the IRA owner, does not count as a QCD. Likewise, a check made payable to the IRA owner is not a QCD.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Each year, an IRA owner <strong>age 70\u00bd or over<\/strong> can exclude from gross income up to $100,000 of these QCDs. For a married couple, if both spouses are <strong>age 70\u00bd or over and both have IRAs, <\/strong>each spouse can exclude up to $100,000 for a total of up to $200,000 per year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The QCD option is available regardless of whether an eligible IRA owner itemizes deductions on&nbsp;<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-schedule-a-form-1040\">Schedule A<\/a>. Transferred amounts are not taxable, and no deduction is available for the transfer.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-luminous-vivid-orange-background-color has-background wp-element-button\" href=\"https:\/\/www.eztaxreturn.com\/offers_plan.html?offer_tax_year=2022\" target=\"_blank\" rel=\"noreferrer noopener\">Pre-register Now!<\/a><\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Report correctly<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A 2022 QCD must be reported on the 2022 federal income tax return, normally filed during the 2023 tax filing season.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In early 2023, the IRA owner will receive <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099-r\">Form 1099-R<\/a> from their IRA trustee that shows any IRA distributions made during calendar year 2022, including both regular distributions and QCDs. The total distribution is in Box 1 on that form. There is no special code for a QCD.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like other IRA distributions, QCDs are shown on Line 4 of <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040\">Form 1040<\/a> or <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1040-sr\">Form 1040-SR<\/a>. If part or all of an IRA distribution is a QCD, enter the total amount of the IRA distribution on Line 4a. This is the amount shown in Box 1 on Form 1099-R.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Then, if the full amount of the distribution is a QCD, enter 0 on Line 4b. If only part of it is a QCD, the remaining taxable portion is normally entered on Line 4b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Either way, be sure to enter &#8220;QCD&#8221; next to Line 4b. Further details will be in the final instructions to the 2022 Form 1040.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Get a receipt<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">QCDs are not deductible as charitable contributions on Schedule A. But, as with deductible contributions, the donor must get a written acknowledgement of their contribution from the charitable organization, before filing their return.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In general, the acknowledgement must state the date and amount of the contribution and indicate whether the donor received anything of value in return. For details, see the <a href=\"https:\/\/www.irs.gov\/publications\/p526#en_US_2021_publink1000229837\">Acknowledgement section in Publication 526<\/a>, available on IRS.gov.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information about IRA distributions and QCDs, see <a href=\"https:\/\/www.irs.gov\/publications\/p590b#en_US_2021_publink100090626\">Publication 590-B<\/a>, also available on IRS.gov.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>This article was published with permission from the IRS.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source:  IRS.gov<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON \u2014 The Internal Revenue Service today reminded IRA owners age 70\u00bd or over of their option to transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end of the year. Moreover, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":30702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-30582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-irs-and-government"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Special Reminder for IRA Owners Age 70\u00bd or Over<\/title>\n<meta name=\"description\" content=\"IRA owners age 70\u00bd plus can transfer up to $100,000 to charity tax-free each year. This is known as qualified charitable distributions (QCDs).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.eztaxreturn.com\/blog\/special-reminder-for-ira-owners-age-70-or-over\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Special Reminder for IRA Owners Age 70\u00bd or Over\" \/>\n<meta property=\"og:description\" content=\"IRA owners age 70\u00bd plus can transfer up to $100,000 to charity tax-free each year. 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