Sunday, April 28, 2024
Specific Property Gifts

4.6.8 Basic Quiz -- IRA Charitable Rollovers
Taxpayers age 70½ and older are permitted to roll over any amount from their IRA accounts directly to a qualified charitable organization.
     True      False
A donor who makes a current gift from her IRA to charity will receive a charitable income tax deduction.
     True      False
Under PPA 2006, taxpayers age 59½ and older can transfer IRA funds directly to a charity in return for a life income gift such as a charitable remainder unitrust.
     True      False
An IRA charitable rollover gift may be made to any qualified public charity.
     True      False
A charitable remainder trust funded with an IRA rollover gift may benefit a donor and his or her family and friends.
     True      False
Each year, IRA owners age 73 and older must take a required minimum distribution (RMD). A donor's IRA gift will qualify as his or her RMD.
     True      False
The IRA rollover gift is generally made by completing a distribution form provided by the IRA custodian.
     True      False
There is no state tax impact for an IRA rollover gift.
     True      False
Current gifts from other qualified plans such as 401(k) and 403(b) plans may be made to charity without federal tax impact.
     True      False
A Social Security recipient may reduce taxes with an IRA rollover gift.
     True      False



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