Charitable Deduction from IRA

BSR — Sat, 01 Feb 2020 22:39:38 GMT

I wrote a check to a charity from my IRA. The check took a long time to be processed and the charity gave me a December 30, 2019, donation date. However the IRA custodian didn't clear the check until January 7, 2020. Do I claim the deduction on 2019 or 2020 tax returm?

Re: Charitable Deduction from IRA

Anonymous — Sat, 01 Feb 2020 22:50:33 GMT

don't know if you are 701/2 or older? However, if you are, this does not qualify as a qualified charitable distribution because you wrote a check rather than having the trustee make the transfer directly to the charity. the contribution may be taken on Schedule A in 2019, the year the check went into the mail. if you are 701/2 or older making a direct transfer to a charity or charities by the trustee may be better from a tax standpoint. Such a distribution reduces the taxable amount of the IRA, and thus reduces adjusted gross income. this would definitely be better if your standard deduction exceeds your itemized deductions.

topic Charitable Deduction from IRA in Deductions & credits

Charitable Deduction from IRA

Re: Charitable Deduction from IRA