Learn what distributions qualify for the income tax deduction.
There are four requirements for an income tax deduction permitted for amounts paid or set aside from gross income pursuant to the terms of the governing instrument for a charitable purpose. The limitation is based on the adjusted gross income if paid from unrelated business income. Benefits of charitable distributions from estate or trust income may be paid from gross income of a prior year and the estate may elect to treat a contribution as made for the immediately prior year if paid from gross income of such prior year, if the contribution is paid before filing the return for the prior year. This video reviews why the trust or estate would make a charitable distribution from the prior year’s income and discusses split-interest and charitable remainder trusts.
Jonathan G. Blattmachr
- Principal at InterActive Legal
- More than 45 years of experience in trusts and estates law
- Former partner in Milbank (formerly, Milbank Tweed Hadley & McCloy) in New York
- Admitted to the bars in New York, California, and Alaska
- Wrote or co-wrote nine books and more than 500 articles on estate planning topics
- Writes and lectures extensively on estate and income tax planning, as well as charitable giving
- Editor of Wealth Transfer Planning and founder of InterActive Legal - www.interactivelegal.com
Vanessa L. Kanaga, Esq.
- CEO of InterActive Legal
- Former associate attorney at Milbank (formerly, Milbank Tweed Hadley & McCloy) and Moses & Singer in New York, and Hinkle Law Firm in Wichita, KS
- Advanced certificate in estate planning, New York University Law School; certificate in business strategy, Cornell University
- Author of several articles/blogs on estate planning topics
- Frequent presenter of online webinars and moderator of InterActive Legal's Roundtable webinar series
- Graduate, Wichita State University and Cornell Law School
- Can be contacted at [email protected]legal.com
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