Harold Gatlin, CPA - Gatlin CPA Group | Chicago 815-641-3501 | Merrillville 219-464-4672 | Valparaiso 219-462-7544 | Plymouth 574-936-5211



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Other Articles

Click on this Link to Access These & Other Past Articles

- Weddings Mean Tax Changes & Small Business Resources


- Midyear Tax Planning Ideas & IRS Warns Taxpayers to Beware of Phishing


- Taxing Social Security Benefits & Taxing a Child

- Tax Implications of Investor or Trader Status & Double Benefit From a Tax Deduction

- Lifetime vs. Testamentary Contributions & Passive Activity Loss Limitations

- Social Security Update & Retirement Plan Review

- Tax Calendar & Additional 0.9% Medicare Tax




New Law Renews IRA Transfers to Charity for 2014 + Understanding the Health Care Law



New Law Renews IRA Transfers to Charity for 2014; Owners Must Act by Dec. 31

The Tax Increase Prevention Act extends the provision that allows certain IRA owners to make tax free distributions to charity. The extension applies for the 2014 tax year. This means if the law applies to you, the deadline to complete your transactions is Dec. 31. Here are some key points about the extension:

If you are an IRA owner age 70½ or older you have until Dec. 31 to make a qualified charitable distribution, or QCD.

A QCD is direct transfer of part or all of your IRA distributions to an eligible charity. You may transfer up to $100,000 per year.

You may exclude the distributed amounts from your income. You can claim this benefit regardless of whether you itemize your deductions. If you do exclude the QCD from your income, you can’t also deduct it as a charitable contribution on Schedule A if you do itemize.

You can count your QCDs in determining whether you meet the IRA’s required minimum distribution.

The provision had expired at the end of 2013. The new law is retroactive for 2014. This means any eligible QCD in 2014 will qualify.

Not all charities are eligible. For example, donor-advised funds and supporting organizations are not eligible recipients.

If you found this Tax Tip helpful, please share it through your social media platforms. A great way to get tax information is to use IRS Social Media. You can also subscribe to IRS Tax Tips or any of our e-news subscriptions.


Source:  IRS Special Edition Tax Tip 2014-26


New IRS Publication helps you
understand the Health Care Law

There is a new publication that will help you learn about how the Affordable
Care Act affects your taxes
. IRS Publication 5187, Health Care Law: What’s
New for Individuals and Families is now available on IRS.gov/aca.

While the health care law has several parts, this publication breaks down
what’s new for the 2014 federal tax return you will be filing in 2015.

This new publication provides important information for taxpayers who:

 - Had health insurance coverage for the entire year
 - Did not have health coverage for each month of the year
 - Purchased health insurance from the Marketplace
 - Might be eligible for an exemption from the coverage requirement
 - Had advance payments of the premium tax credit sent to their insurance provider
 - Is claiming the premium tax credit on their tax return

The publication includes a glossary that will help you understand new terms
related to ACA. It also addresses the new lines for reporting ACA information
on Forms 1040, 1040-A and 1040-EZ.

Most people have qualifying health coverage, and all they will need to do is
simply check a box on their tax return. You can access Publication 5187 at
IRS.gov/aca, along with other important information related to the health care

You can also find it by typing “p5187” into the search window at the top of any
IRS.gov page or “5187” in the Forms and Pubs search window on IRS.gov.

If you have comments or questions on the information in these articles, as usual
feel free to call our offices in Chicago at 815-641-3501 or Indiana at 219-462-7544



 Source: IRS Tax Tips






Remember you can call our offices if you have any questions about these or any other accounting, tax, financial planning or business planning related issues, in Chicago at 815-641-3501 or Indiana at 219-462-7544.


Harold Gatlin, CPA


Harold Gatlin, CPA - Gatlin CPA Group
Valparaiso: 1608 E. Lincolnway, Suite D | Valparaiso, IN 46383 | 219-462-7544
Plymouth Office: 1435 N. Michigan, Suite 5 | Plymouth, IN 46563 | 574-936-5211
Merrillville Office: 265 W. 80th Place | Merrillville, IN 46410 | 219-464-4672



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