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The Charitable IRA Rollover

Posted on Nov 18, 2021 02:00 PM by Prillwitz, Stacy
THE CHARITABLE IRA ROLLOVER enables those over the age of 70 1/2 to make a direct-to charity transfer of funds of up to $100,000 from a tax-deferred IRA without it becoming taxable as ordinary income for federal income tax purposes. The rollover is applied to the annual Required Minimum Distribution (RMD). For your gift to apply in 2021, the transaction must be completed before December 31, 2021. Such gifts may be given to either the General Fund or Forward in Faith 2. Because such gifts are not tax-deductible, they will be listed as “Charitable Gifts (non-deductible)” on your year-end offering statement. For more information, pick up a blue “Charitable Contributions of Appreciated Assets” brochure in the tract rack or contact the church finance office (739-9194).