Recent changes in federal law have influenced how personal with Individual Retirement Accounts (IRA) can make contributions directly to charitable organizations. However, a provision referred to as an “IRA charitable rollover” allows transfers to qualified charities under certain conditions. If these conditions are met, for many taxpayers, this can reduce both federal and state income taxes, and may even lower the cost of income-based Medicare premiums.
Such transfers can benefit Country Club Christian Church because it is a public charity and a qualified 501©(3) organization. Transfers from IRAs to charity cannot count as a charitable contribution deduction, but gifts can count towards a donor’s pledge. (The church will not include the amount as a tax-deductible contribution on your contribution record.)
Please consult your tax advisor to see if you qualify. To initiate a transfer, contact your IRA custodian who can provide you the necessary paperwork. Starting the process well ahead of the December charitable giving rush will ensure your contribution is made prior to the December 31 deadline.
Contact Rachel at [email protected] if you anticipate making such a transfer so that the amount is recorded appropriately toward your giving history or pledge, or if you would like additional information about qualifications.
This information was provided by the Christian Church Foundation. The Foundation and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.