Your IRA may be the best way to make a year-end gift!
The American Taxpayer Relief Act of 2012 (ATRA) restored the IRA Charitable Rollover for 2012 and permits its use in all of 2013.
If you are over age 70½, the Federal government permits you to rollover up to $100,000 from your IRA to the Global Mission Fund without increasing your taxable income or paying any additional tax. These tax-free rollover gifts could be $1,000, $10,000 or any amount up to $100,000 this year. The gift counts toward your Required Minimum Distribution (RMD) for this year.
Major IRA Gift
If you are like many individuals, your IRA has increased in value over the years and you have more income than you may need. The IRA rollover gift is a simple and easy way to make a substantial gift while not increasing your taxable income.
Simply contact your custodian and request that an amount be transferred to the Lutheran Church—Missouri Synod. The Synod receives a wonderful and helpful gift, while you avoid some of the taxes owed when you withdraw funds to satisfy your RMD for the year. You can contact LCMS Mission Advancement (888-930-4438) for advice on how to restrict your IRA gift for a special purpose, such as supporting a specific missionary, mission or mercy project, or ministry of special interest (Global Mission Fund, Life Ministries, Armed Forces Ministry, etc.)
Simple, Easy Gift
Questions? Contact The LCMS Foundation today to learn how easy it is to make a gift from your IRA. We can provide you with a request form to send your custodian to make the gift. We’ll also be able to help answer any questions you have about this type of giving.
The extension of this law ends on December 31, 2013; spread the word today!