As you know, if you are at least 70 1/2 and have a Retirement Plan, you must take a Required Minimum Distribution each year. For those of us who have deferred paying income tax through these plans, that means that we now have to pay the piper. What a great way to make a gift to support United Ministries, avoid the tax consequence, and save your heirs from the inevitable future of paying income tax on a gift that they might receive.
IRA charitable rollovers help you to:
- Avoid taxes on IRA transfers of up to $100,000 from your IRA to our organization
- Satisfy your required minimum distribution (RMD) for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the 50% deduction limits on charitable gifts
- Support your neighbors in Greenville who are striving to achieve self-sufficiency through United Ministries’ programs.
Since this is now a permanent piece of legislation, you don’t have to wait until the last week of the year to make such a gift. The gift needs to come directly to the charity from the retirement account. If you are interested in making this gift, please contact our office at 864-335-2615 for specific instructions or visit our website and check out pages 3 and 4. Rolling over has never been so easy!