Category Archives: Uncategorized

Qualified Charitable Distributions, just in time for April 15th!

(This is not intended as advice, it is shared for informational purposes.)
From the IRS website:

Qualified charitable distributions

What is a qualified charitable distribution?

Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. See Pub. 590-B, Distributions from Individual Retirement Arrangements (IRAs)) for additional information.


Can a qualified charitable distribution satisfy my required minimum distribution from an IRA?

Yes, your qualified charitable distributions can satisfy all or part the amount of your required minimum distribution from your IRA. For example, if your 2014 required minimum distribution was $10,000, and you made a $5,000 qualified charitable distribution for 2014, you would have had to withdraw another $5,000 to satisfy your 2014 required minimum distribution.


How are qualified charitable distributions reported on Form 1099-R?

Charitable distributions are reported on Form 1099-R for the calendar year the distribution is made.


How do I report a qualified charitable distribution on my income tax return?

To report a qualified charitable distribution on your Form 1040 tax return, you generally report the full amount of the charitable distribution on the line for IRA distributions. On the line for the taxable amount, enter zero if the full amount was a qualified charitable distribution. Enter “QCD” next to this line. See the Form 1040 instructions for additional information.

You must also file Form 8606, Nondeductible IRAs, if:

  • you made the qualified charitable distribution from a traditional IRA in which you had basis and received a distribution from the IRA during the same year, other than the qualified charitable distribution; or
  • the qualified charitable distribution was made from a Roth IRA.


 

Good Samaritan Village’s “Dancing Senior”

Here is what happens when a resident embraces life in a Wesley Living community!

Owning it…

Mr. B lost his home in the woods to a catastrophic fire. His cancer diagnosis left him with little financial recourse for adequate housing. Splitting his time between homeless shelters and couches of benevolent friends began to take a toll on his health and peace of mind.

He made his way to a Wesley Living community with a mattress, box springs and a few personal possessions. Golden Cross stepped in providing the necessary household items needed to turn his new found shelter into sanctuary. For the first time in years, Mr. B was able to sleep in his own bed, sit on his own chair in the quiet of his own home, place his clothing in his own private chest of drawers and choose what he wanted to eat prepared in his own kitchen. He expressed that he felt safe for the first time in a long time. His son also expressed to the housing staff that this was the first time he had seen his father smile in a long time.

That is what happens when you support the ministry of Golden Cross Senior Ministries!

Want to help? Simply text seniors to 44321.