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Showing content with the highest reputation on 07/06/2024 in all areas

  1. I don't think you need the acknowledgement from the charity. I have always assumed that the trustee of the account is checking the validity of the charitable organization's 501 c 3 status before they set up the distribution. That may be wrong but that is how I always thought about it. The 1 client I have who set up a QCD at my suggestion has never sent me a donee acknowledgement and the amount is significant. I have just entered the info from the 1099R and went on. Tom Longview, TX
    3 points
  2. Copied from Forbes" "The State of South Carolina has issued a request for proposals for an independent accounting firm to perform a forensic accounting review of cash and investments held in the state treasury as well as a review of cash and investments found in the state’s historical annual comprehensive financial reports. The main target? Finding out where an extra $1.8 billion in mystery money came from." Unbelievable! My mind boggles
    2 points
  3. I personally do 5 QCDs every year and I have always received a donee acknowledgement from each of them (all over $250). I also have a client who makes 3 sizable QCDs every year who also receives donee acknowledgements. The account fiduciary is following your instructions. They are not verifying the validity of your donation. If you ask, the fiduciary will provide you with a copy of the cancelled check. "Get a receipt QCDs are not deductible as charitable contributions on Schedule A. But, as with deductible contributions, the donor must get a written acknowledgement of their contribution from the charitable organization before filing their return. In general, the acknowledgement must state the date and amount of the contribution and indicate whether the donor received anything of value in return. For details, see the Acknowledgement section in Publication 526, Charitable Contributions. For more information about IRA distributions and QCDs, see Publication 590-B, Distributions from Individual Retirement Arrangements (IRA).
    2 points
  4. Well, we all know how well that works out.
    0 points
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