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Lakeland Florida Form What is IRS 1099r: What You Should Know

If you are a U.S. entity, and you received a distribution from your IRA, you may report the “Amount of qualified charitable contributions received” and the amount of the deduction on line 20A. If a qualified charitable distribution was received from a tax-exempt foundation, you report the “Amount of charitable contributions received” and the amount of the deduction on line 20A. The deduction must be itemized on Schedule A for the year it is made. (If amounts are given in one lump sum and are not reported in separate amounts on Form 1040, they are not qualified gifts.) For a general statement regarding your rights to a qualified charitable contribution deduction for qualified charitable contributions made to a qualified foundation, see Internal Revenue Code section 170(f)(3) (qualified charitable contribution). IRS Pub. 550 provides guidance on the tax treatment of qualified charitable contributions, including whether the deduction is a capital gain tax deduction or a contribution tax deduction. Additional guidance may be found in IRS Publication 527. To obtain Publication 527 and the latest information on this subject, visit IRS.gov or call 1-800-TAX-FORM (), option 12. Follow me on Twitter, Rik_Kunstler. Follow my blog with Myoglobin, Google+, or Facebook or subscribe to my RSS feed.

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