The following secure method provides a convenient way to financially contribute to Grace Lutheran Church.Giving online is easy, but that’s not the only benefit.
Giving online is easy, but that’s not the only benefit. Here are a few other advantages we’ve heard:
As part of the original Pension Protection Act of 2006, a provision was implemented for taxpayers ages 70 ½ and older, allowing distributions from IRA accounts to be made directly to charitable organizations such as Grace Evangelical Lutheran Church and the Grace Evangelical Lutheran Church Foundation.
This provision has expired and been restored several times over the last several years. As part of the Protecting Americans from Tax Hikes Act of 2015 (PATH), this charitable giving opportunity was made permanent.
Under this provision a donor can instruct the trustee of their IRA to make a direct gift to a qualifying charitable organization with no adverse tax consequences.
An individual can make charitable contributions of up to $100,000 directly from their IRA to a charity without that amount being included in taxable income. Contributions made under these provisions are not subject to tax on the distribution and are not eligible for a charitable contribution deduction, but they are not subject to a limitation based on adjusted gross income, as other contributions may be.
Taxpayers can also satisfy their required minimum distribution from their IRA’s with this transfer.This provision provides some unique planning opportunities for taxpayers and can result in additional benefits for charitable organizations such as the Church and the Foundation. If you have questions or would like more information, contact your tax advisor or the Church or Foundation.
Terry Andersen, CPA