Donation of stock or money from my IRA?
There have been some questions recently about the change in the required minimum distribution (RMD) age from qualified retirement plans (IRA, 401k, 403b). While the RMD age has changed to 73, you are still able to make Qualified Charitable Distributions (QCDs) from your IRA at age 70 ½ . If you are looking for a way to make a big difference, a QCD may be a way to make a gift of up to $100,000 annually. By directing your IRA custodian to make a payment directly from your account to the Foundation, you can satisfy your required minimum distribution (if you are older than 73) for the year and avoid taxes on the transfer (if you’re older than 70 ½ ).
In addition to giving an RMD to the St Marks Church Foundation, you can also make the Foundation a beneficiary of your plan assets. To do so, you will need to complete a beneficiary form provided by your retirement plan custodian.
Giving Retirement assets to the Foundation could be a smart tax saving move as it may avoid estate tax on these assets and your heirs avoid income tax on any retirement assets funded on a pre-tax basis
Your direction to your IRA custodian to direct your RMD to the Foundation should take the following form:
Re: Letter of Instruction to Transfer Funds from IRA
To Whom It May Concern,
I wish to make an irrevocable contribution in the amount of $______ to the St. Mark’s United Methodist Church Foundation (EIN# 36-3679200) as a qualified charitable distribution from an Individual Retirement Account (also known as a charitable IRA rollover) as provided by Internal Revenue Code Section 408(d)(8).
I intend to comply with the requirements of IRC Section 408(d)(S) 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 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
Signature___________________________________
Donor Name:
Copy to: St. Mark’s United Methodist Church Foundation
