That portion of the rollover must be taxed. So you need to notify the IRA custodian what portion was not used for charitable purposes so that they can adjust their books and issue a 1099.
John Taylor
919.816.5903
johntaylorconsulting@gmail.com
Big ideas; small keyboard
> On Jul 2, 2019, at 10:36 AM, Hagan, Brian J <
hagan@uab.edu> wrote:
>
> Hi all,
>
> Are we allowed to provide goods and services of value on an IRA Rollover check? I understand that the donor avoids paying taxes by using this method, but I would also argue that they could add a premium amount to their tax return as income to make things right. So – are we forbidden (legally) from providing a premium, or is the onus on the taxpayer to ensure they file appropriately?
>
>
> Thanks!
> Brian
>
>
>
> Brian Hagan, CPA | Senior Director of Gift and Biographical Records
> Advancement Services
> UAB | The University of Alabama at Birmingham
> AB 1230 | 1720 2nd Ave S | Birmingham, AL 35294-0112
> P: 205.975.0569 |
hagan@uab.edu
>
> uab.edu
>