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Pension Protection Act 0f 2006

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    #1

    Pension Protection Act 0f 2006

    An individual over the age of 70 1/2 designates his IRA distribution as a "charitable rollover"
    to a qualified 501(c)3.

    Is the rollover reported as income and deducted on Sch.A or is it not reported at all.
    Confucius say:
    He who sits on tack is better off.
    Tags: None
    #2
    IRA Distributed directly to 501(c)(3)

    It is not reported on the 1040. Client should receive a 1099, however, reporting this
    info.

    Comment

      #3
      It is reported on the 1040 ...

      It is reported on the 1040 just like any other rollover. Amt goes on line 15a and zero is shown on line 15b.
      taxbilly

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