Should we list each charity to which we made contributions directly from a retirement account?

[janandstanharris]

Should we list each charity to which we made contributions directly from a retirement account?

[leeloo]

What you are referring to is a Qualified Charitable Distribution. Since the money is paid out from your retirement account, you indicate the distribution when you enter the information from your 1099-R. You do not list the charities as you would on Schedule A.

Qualifications

• You must be 70 1/2 or older to make a QCD. A QCD can be made when you reach the age of 70 1/2, even if you're not subject to RMDs until the age of 72. (This applies to taxpayers affected by the SECURE Act, which pushed the RMD requirement to age 72 if you turn 70 1/2 after December 31, 2019)
• The maximum annual amount that can qualify for a QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. If you file taxes jointly, your spouse can also make a QCD from their own IRA within the same tax year for up to $100,000
• For a QCD to count towards your current year's RMD, the funds must come out of your IRA by your RMD deadline, generally December 31
• Contributing to an IRA may result in a reduction of the QCD amount you can deduct. If you make a deductible IRA contribution after you turn 70 1/2, it will reduce the amount of the QCD that's excluded in your gross income.

[Cynthiad66]

Yes. If you choose to deduct a charitable donation amount on your tax return, you are required to itemize charitable donations on Form 1040, Schedule A : Itemized Deductions.

Money from an individual retirement account (IRA) can be donated to charity. What's more, if you've reached the age where you need to take required minimum distributions (RMDs) from your traditional IRAs, you can avoid paying taxes on the money by donating it to charity.