If you have an automatic withdrawal plan set up to send funds directly to a charitable organization, you may need to take action.
Capital Group can now report eligible automatic distributions as qualified charitable distributions (QCDs) on your Form 1099-R — but only when the updated certification form is on file. Having the updated form on file helps ensure the Internal Revenue Service receives accurate reporting of your qualified charitable gifts and may provide tax advantages if you’re age 70½ or older. For additional information on QCDs, visit IRS introduces changes to tax reporting on 1099 forms.
Consult your financial professional or a tax advisor for additional guidance.
If yes, complete the IRA Qualified Charitable Distribution Request.
Once the form is on file, eligible distributions to the same charity will be reported as QCDs going forward.
No action is required if distributions are not being sent to a qualified charity or if you do not wish to change your current tax reporting. If we do not receive the updated certification form, your automatic distributions will continue and will be reported as normal or death IRA distributions.