Pension act of 2006 extended?

[AZ-Tax]

This is where taxpayers age 70-1/2 can donate from their qualified retirement plans directly to a qualified charity and the donation is reflected on the taxpayers 1099-R by a reductions in box 1 (gross amount).

Does anyone know if this tax law got extended for 2008?

[Jiggers]

Contribution

This is where taxpayers age 70-1/2 can donate from their qualified retirement plans directly to a qualified charity and the donation is reflected on the taxpayers 1099-R by a reductions in box 1 (gross amount).

Does anyone know if this tax law got extended for 2008?

I don't know about it being extended past 12/31/07, but it was only for IRA's, not other retirement plans. See The TaxBook, page 1-20

[New York Enrolled Agent]

This is where taxpayers age 70-1/2 can donate from their qualified retirement plans directly to a qualified charity and the donation is reflected on the taxpayers 1099-R by a reductions in box 1 (gross amount).

Does anyone know if this tax law got extended for 2008?

A provision to amend §408(d)(8) to extend the last date of 12/31/07 to 12/31/09 is contained in the Extenders bill (S 2886) introduced by Senator Baucus. I don't know where this bill sits in the legislative track. I believe the extension was also introduced in an other bill in the Senate but the extenders package might be the best chance for passage.

[jimmcg]

A provision to amend §408(d)(8) to extend the last date of 12/31/07 to 12/31/09 is contained in the Extenders bill (S 2886) introduced by Senator Baucus. I don't know where this bill sits in the legislative track..

Senate vote this date was 50-44 on a proceedural motion on this bill, falling 10 votes short of the necessary votes to move forward to debate on the tax package. Just a bump in the road. They will try again soon.

[AZ-Tax]

§408(d)(8) may have been extended(age 70.5 tax free etc.

This if from Yahoo:

http://biz.yahoo.com/hmoney/081015/101508_bailout_tax_credits_moneymag.html?.v=1&.pf=taxes

"Tax-free charitable donations. If you're 70.5 years or older you can withdraw up to $100,000 from an IRA and donate it to charity, tax-free. You can tap a traditional or Roth IRA, but you will typically save more in taxes if you go with the traditional account since you can withdraw your Roth contributions tax-free anyway, says Luscombe."

As I recall the other one allowed the age 70.5+ taxpayer to donate their retirement distribution directly to the qualifying charity for which the amount donated reduced their 1099-R issued from the retirement Trustee.

[solomon]

It has been extended in the monstrosity PL 110-343 through 2009.

[Bees Knees]

It has been extended in the monstrosity PL 110-343 through 2009.

http://www.thetaxbook.com/view_update.asp?1=116

[joanmcq]

I wonder who has excess in their retirment plans to contribute to charity?

[Snaggletooth]

Roth versus Traditional

Let me see if I have this straight:

TRADITIONAL IRA - The 1099-R is reduced by the amount of the charitable distribution, thus the taxpayer does not report income, neither does he report charitable deduction.

ROTH IRA - The taxpayer is not required to report income under any circumstance, and is allowed a charitable deduction on Sch. A.

Is this correct??

[David1980]

Well you probably have to report it in 15a still. Just not as taxable.

In fact what my software is doing when I enter a 1099-R for charitable distribution it puts the total amount on 15a, prints "QCD" just to the right, and if I have any taxable amount left it puts that on 15b.

[S T]

Haven't looked

I haven't looked at the instructions in a really long time, but as David posted, that is what my software does as well.

So much like the Social Security or Rollover IRA's or Part Taxable Part Non taxable IRA's still report the full amount and then the taxable amount if any.

Sandy