RMD tranfer into Charity

[Jakyasar]

Hi

My apologies if this was discussed before.

RMD recipient advises their broker to have 15k of the 30k RMD to be provided to charity and 15k to them. But now gets a 1099 for 30k.

Can RMD's still be provided to charities? Does it matter if from a pension plan (any type) or IRA?

Thank you.

[C. B. Zeller]

You can make a Qualified Charitable Distribution from an IRA, but not from a qualified plan.

There is nothing stopping the participant from taking the proceeds of their RMD and using it to make a (deductible) charitable contribution.

[Larry Starr]

22 hours ago, Jakyasar said:

Hi

My apologies if this was discussed before.

RMD recipient advises their broker to have 15k of the 30k RMD to be provided to charity and 15k to them. But now gets a 1099 for 30k.

Can RMD's still be provided to charities? Does it matter if from a pension plan (any type) or IRA?

Thank you

 

Yes, it matters.  Why didn't you just include that info (did it come from a retirement plan or an IRA?) in your posting?

[Jakyasar]

I could not bcz did not know but I found the answer to either scenario, thank you though.

[Jakyasar]

Revisiting this as I got a bit more and different information from the CPA on this.

I was told that the participant is receiving an annuity from the IRA and the amount received satisfied the RMD requirements of all IRA's collectively that he owns.

 

From what I was told, 50% of the annuity was paid directly to the charities and 50% was paid directly to the annuitant (not sure if done monthly or in one lump sum).

The annuitant received 1099s for the full amount as taxable distribution.

Is this correct?

 

Thank you for your comments