Now is the Time for IRA Rollovers
Donors who are 70 ½ or older can make a gift of up to $100,000 from their IRA (Traditional or Roth) to support their church. This strategy works for both itemizers and non-itemizers.
This gift counts against their Required Minimum Distribution (RMD) for the year but it is excluded from taxable income. This gift option may prevent the donor from being pushed into a higher tax bracket.
It’s easy to do – the donor simply notifies their IRA custodian. It minimizes the effect on cash flow because the gift is from their assets, not their checkbook.
This may help you as you think about your taxes, here at year’s end.
If there is any way the Virginia United Methodist Foundation or DevCo can help you – call Ted, Tommy or Randy at 804-521-1121.
Remember, also, we have Certificates for you to invest in giving you up to 4% return. If you have cash that’s not earning you extra money, call the above number. We’ll help you! This is for both United Methodist Churches and United Methodist Church members.