Jaden (single) has a traditional IRA to which he has made only deductible contributions. At the end of 2022, Jaden is 74 years old. Jaden's required minimum distribution (RMD) from his IRA for 2022 is $5,000. Before considering the RMD, Jaden's AGI is $100,000. Jaden does not itemize deductions. Required: What is Jaden's AGI if Jaden receives the RMD and donates the $5,000 distribution proceeds to a qualifying charity? What is Jaden's AGI if Jaden directs the IRA trustee to transfer the $5,000 distribution directly to a qualifying charity as a qualified charitable donation (QCD)?
Jaden (single) has a traditional IRA to which he has made only deductible contributions. At the end of 2022, Jaden is 74 years old. Jaden's required minimum distribution (RMD) from his IRA for 2022 is $5,000. Before considering the RMD, Jaden's AGI is $100,000. Jaden does not itemize deductions. Required: What is Jaden's AGI if Jaden receives the RMD and donates the $5,000 distribution proceeds to a qualifying charity? What is Jaden's AGI if Jaden directs the IRA trustee to transfer the $5,000 distribution directly to a qualifying charity as a qualified charitable donation (QCD)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Hw.12.
Jaden (single) has a traditional IRA to which he has made only deductible contributions. At the end of 2022, Jaden is 74 years old. Jaden's required minimum distribution (RMD) from his IRA for 2022 is $5,000. Before considering the RMD, Jaden's AGI is $100,000. Jaden does not itemize deductions.
Required:
- What is Jaden's AGI if Jaden receives the RMD and donates the $5,000 distribution proceeds to a qualifying charity?
- What is Jaden's AGI if Jaden directs the IRA trustee to transfer the $5,000 distribution directly to a qualifying charity as a qualified charitable donation (QCD)?
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