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Did you give to charity directly from your IRA last year?  If so read this

Did you give to charity directly from your IRA last year? If so read this

| February 19, 2019
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There is a potential for people to make a big tax planning mistake if they don’t tell their CPA's that the money was taken from the IRA and went directly to charity. 

The tax reporting is unclear, perhaps because this is a relatively new tax change. 

Bottom line, please make abundantly clear to your CPA that the IRA distribution went to charity, and provide them with the receipts to back it up.

If you don't do this, they may mistakenly assume you gave to the charity out of your other after-tax funds.  If they enter this information incorrectly, you could end up paying tax on the distribution!

Please work closely with your CPA or tax expert on this and how it may apply to your specific situation.

Thank you,

Tom

This article represents opinions of the authors and not those of their firm and are subject to change from time to time, and do not constitute a recommendation to purchase and sale any security nor to engage in any particular investment or legal strategy. The information contained here has been obtained from sources believed to be reliable but cannot be guaranteed for accuracy.

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