GIFTS FROM YOUR IRA

Gifts From Your IRA 

 

If you are 70 ½ or older, you can make a sizable gift from an individual retirement account (IRA) to Positive Options AND reduce your taxable income. 

 

Benefits of Giving From Your IRA

• Convenient. An easy way to give to Positive Options.

• Tax-wise. Distributions made directly to charity are not treated as taxable income. This is advantageous even if you don’t itemize deductions on your tax returns!

• Promises kept. Gifts from your IRA can be used to fulfill any charitable giving pledges previously made.

• Impactful. Gifts are tax-free to [ORGANIZATION]. The entirety of your gift will go toward ministry!

 

Requirements of a Qualified Charitable Distribution

You can give from your IRA to ministry without any federal tax liability, as long as the gifts are qualified charitable distributions (QCDs). Distributions qualify for all or part of your required minimum distribution (RMD).

• IRA holders must be age 70 ½ or older at the time of the gift.

• Give up to $100,000* per year as a single person or $200,000* per year as a married couple from separate accounts.

• Gifts must be outright gifts made directly to a charitable organization.

• Distributions to donor-advised funds, charitable trusts or charitable gift annuities are not permissible.

• Distributions may only be made from traditional IRAs or Roth IRAs; other retirement accounts are not eligible.

• You can give a one-time qualified charitable distribution (or multiple QCDs within a single year) totaling no more than $450,000 to fund a life income gift.
   

*This limit will be indexed for inflation beginning in 2024.

 

 

Learn More: To learn more about giving from your IRA or other smart and powerful giving options call Marilyn at 616.396.8127 ext. 250 or email marilyn.cudahy@lpcenters.com