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IRA Data From National Taxpayer Advocate Report

The National Taxpayer Advocate Fiscal Year 2013 Objectives Report to Congress, dated June 30, 2012, has outlined data affecting IRAs for 2009.
IRA Data
The Internal Revenue Code requires the National Taxpayer Advocate to submit reports to Congress and the Senate. The report outlines issues that should be addressed to improve IRS policies and procedures so taxpayers have a better experience when dealing with the IRS and the tax laws.

The report cited IRS, Statistics of Income, Pub. 1304, Individual Income Tax Returns - 2009 that showed that about six million tax returns filed by people over age 65 reported taxable IRA distributions in 2009. This includes IRA owners age 70 ½ or older who must take required minimums distributions from Traditional, SEP, and SIMPLE IRAs.

The report also mentioned that people over age 70 ½ can no longer make tax-free withdrawals from their IRAs for a charitable contribution, known as a qualified charitable distribution (QCD).

A QCD only applies to IRA owners or beneficiaries age 70½ and over and is capped at $100,000 per person, per year. It applies only to direct transfers of IRA funds to charities. QCDs expired in 2011. They have not yet been extended for 2012 - but may be retroactively extended as has been the case in the past.

-By Joe Cicchinelli and Jared Trexler


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Consumers: Send in Your Questions to [email protected]

Can I transfer money from my IRA to my husband's Roth IRA? I am 35, and he is 36.

Thank you!

Gail Clements

No. The only way your IRA funds can be transferred to your husband’s IRA is in a divorce or after your death. Even then, it would have to be transferred to a similar IRA, for example an IRA to IRA or a Roth IRA to another Roth IRA. In this case, you cannot transfer your IRA into your husband’s Roth IRA.