Periodically during 2012, we were contacted by advisors asking if clients can still send their 2012 RMDs amounts to a charity of their choice as qualified charitable distributions (QCD). And the answer was "No, it ended as an option as of 2011...but, that has been changed due to recent tax law changes."
Part of the recent passage of American Taxpayer Relief Act of 2012 (ATRA) was the extension of qualified charitable distributions (QCD) for 2012 and 2013. You might ask, "Since the ATRA was passed after 2012; how can one make a 2012 QCD?"
The act allowed for the following:
Procedures on how to claim this option on 2012 tax forms were recently released on the IRS website.
If you have any questions about this or other ATRA changes, please feel free to contact Retirement Strategies Group at (800)722-2333, ext. 3939, or e-mail us at RSG@PacificLife.com.
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