FAQ

The required minimum distribution (RMD) age for qualified retirement plans has changed from 70½ to 73. However, you can still make qualified charitable distributions (QCDs) from your IRA at age 70½.

A QCD is a tax-free way to make a gift of up to $100,000 annually from your IRA to a qualified charity. To make a QCD, you must direct your IRA custodian to transfer the funds directly to the charity.

If you are interested in donating money or stock from your IRA to the St. Mark's United Methodist Church Foundation, please follow these steps:

1.     Contact your IRA custodian and ask them to send a check for the amount of your donation directly to the Foundation.

2.     Include the following information in your letter of instruction to your IRA custodian:

•    Your name
•    Your IRA account number
•    The amount of your donation
•    The name of the charity (St. Mark's United Methodist Church Foundation)
•    Federal tax ID for charity (St Mark's Foundation - EIN #36-3679200)
•    The charity's address (8550 Pioneers Blvd, Lincoln, NE 68520-1306)

You can also make the Foundation a beneficiary of your IRA. To do so, you will need to complete a beneficiary form provided by your retirement plan custodian.

Giving retirement assets to the Foundation can be a smart tax saving move. It may avoid estate tax on these assets and your heirs avoid income tax on any retirement assets funded on a pre-tax basis.

Here is an example of a letter of instruction that you can use to direct your IRA custodian to make a QCD to the St. Mark's United Methodist Church Foundation:

To Whom It May Concern:

I, [Your Name], wish to make an irrevocable contribution in the amount of $[Amount of Donation] to the St. Mark's United Methodist Church Foundation as a qualified charitable distribution from my Individual Retirement Account (IRA).

I intend to comply with the requirements of Internal Revenue Code Section 408(d)(8) by making a Qualified Charitable Distribution (QCD) directly from my IRA to the St. Mark's United Methodist Church Foundation, which is a public charity described in code section 107(b)(1)(A) and is not a supporting organization. Further, this contribution is not directed to a Donor-Advised Fund (as defined in section 4966(d)(2).

Please issue a check from my IRA account number [Your IRA Account Number] directly to St. Mark's United Methodist Church Foundation at:

St. Mark's United Methodist Church Foundation 8550 Pioneers Blvd Lincoln, NE 68520-1306

Thank you for your assistance.

Sincerely, [Your Signature] [Your Name]