QCD for 2015

[mrbill]

Does anyone have any update on QCD's for 2015 ? Is it still on the docket for Congress to act ? Thanks,

[Dusty2004]

It is pending

But they have not voted on the bill yet.

I have 2 clients who decided to take the RMD money and give it to charity. They figure if the bill is passed they are good to go. If the bill does not pass they still are happy because they give it to charity.

Dusty

[DaveO]

In the past the money had to be directly transferred to the charity to qualify.

[origun]

I did it directly to charity

I personally wanted to do a QCD to reduce my AGI rather than have a Sch A deduction. And I didn't want to wait until the very end of the month when Congress might or might not act...and possibly miss the deadline for taking my RMD. After checking with my financial institution and the donee and doing some tax research myself, I had it sent directly to the charity, telling the brokerage that it was a QCD. [I made sure to keep copies of the instruction form and accompanying letter I sent to the brokerage indicating it was a QCD.] Now if it is passed, I'm all set. If not, I have a Sch A deduction.

[New York Enrolled Agent]

Dave O - I think Origun is ok if the check was directly from the IRA payable to the charity.

IRS Notice 2007-7

Q-41. Is a check from an IRA made payable to a charitable organization described in § 408(d)(8) and delivered by the IRA owner to the charitable organization a direct payment to such organization?

A-41. Yes. If a check from an IRA is made payable to a charitable organization described in § 408(d)(8) and delivered by the IRA owner to the charitable organization, the payment to the charitable organization will be considered a direct payment by the IRA trustee to the charitable organization for purposes of § 408(d)(8)(B)(i).

[kathyc2]

We may know by Friday, but then again we may not.... https://www.washingtonpost.com/news/...spending-deal/