Considering an IRA gift?
Congress has passed, and the President has signed, the Protecting Americans from Tax Hikes Act of 2015, making permanent the law that allows IRA owners ages 70 and older to make direct gifts to charity.
Mary from Virginia is contemplating such a gift - "I am considering giving to Sacred Heart Southern Missions from my IRA. My children are blessed with the opportunities, talents and means to succeed. Those less fortunate deserve these same opportunities. I want to share the wealth with those less fortunate. "
Eligible IRA owners can direct the custodians of their accounts to send checks up to $100,000 to charity. Although no income tax charitable deduction is available, the distribution is not subject to tax, as it would be if the IRA owner made a withdrawal and then gave the funds to charity. Qualified charitable distributions also satisfy required minimum distributions, providing tax savings.
The qualified charitable distribution allows people ages 70 and older to instruct IRA trustees to make transfers to charity without incurring taxable income on those amounts. Up to $100,000 per year can be given in this manner.
For Mary though a gift such as this goes beyond just dollars and cents - "I support SHSM because they help the poor and help educate the poor. I have been blessed through my life. My parents were an example of selfless giving. From a young age I witnessed acts of generosity, of spirit, kindness and justice. They had very little materially but shared their time and talents with those in need. There are areas in the country that seem overlooked or less fortunate. Sacred Heart Southern Missions generously fulfills the needs of “the poor among us”. My gift is intended to aid in this mission.
If you are facing a required distribution from an IRA perhaps a charitable gift to Sacred Heart Southern Missions is right for you!
Questions
Questions? Call Steve, Earlene or Faye in our Planned Giving Department at 888.217.4829
