Giving through your IRA
Make a Tax Free Gift Through Your IRA
The IRA Charitable Rollover is now permanent thanks to the “Protecting Americans From Tax Hikes Act of 2015”. This tax provision allows owners of individual retirement accounts who are 70½ or older to make gifts from their IRA directly to non-profit organizations. Applied against the required minimum distribution, an individual may donate up to $100,000 of IRA assets each year to the Berean Beacon Ministry or other charities without reporting the withdrawal as taxable income. Read more below.
What does this mean to you as a supporter of the Berean Beacon?
It allows for direct charitable gifts to be made directly from IRAs. You may make gifts to the Berean Beacon from traditional and Roth IRA accounts without any federal tax liability, as long as the gifts are “qualified charitable distributions.” You may not take a charitable deduction for this donation, but distributions are not included in your adjusted gross income and will qualify for all or part of your Required Minimum Distribution.
Requirements for “qualified charitable distributions”:
- IRA holder must be age 70½ or older at the time of gift
- Gifts will qualify for all or part of your Required Minimum Distribution
- Gifts are tax-free up to $100,000 per year
- Gifts must be outright gifts made directly from your IRA to a charitable organization
- Distributions to donor-advised funds or support organizations are not permissible
- Distributions may only be made from traditional IRA or Roth IRAs, not 401(k) or 403(b) plans
How to Proceed
To make a donation from your Individual Retirement Account, you will need to provide our EIN #93-1102945. Then have your plan administrator send the gift directly to:
P.O. Box 73
Walloon Lake, MI 49796
Attn: Planned Giving Administrator
If you have questions about this or would like to donate to the Berean Beacon using other appreciated assets, please contact our Planned Giving Administrator
by emailing firstname.lastname@example.org