At present I am 75 years old and I withdraw $12000 from IRA annually.
2006-10-26 07:32:12 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you have the money sent directly to the charity you don't have to include it in your gross income and it will count towards your RMD. You can't deposit the check and then give the money to the charity. It has to be direct.
2006-10-26 09:16:01 · answer #1 · answered by daoco 4 · 1⤊ 1⤋
I think daoco is correct about sending the money directly to the charity. If you withdraw the money and write the charity a check, it would be subject to the same rules as any other charitable contribution. If you itemize deductions, it can be claimed on Schedule A.
2006-10-26 20:43:17 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
You have to have to be a homeowner to write it off.
2006-10-26 14:39:20 · answer #3 · answered by chrstnwrtr 7 · 0⤊ 2⤋