Make a gift to MLM from your IRA!
Those with a qualified IRA can satisfy their RMD requirement by contacting their financial or investment advisor and making a Qualified Charitable Distribution from their account to Metro Lutheran Ministry. It’s a gift that’s tax-free, even if you don’t itemize deductions on your tax return.
For more information regarding how a gift from your IRA can positively impact the lives of the homeless, poor, and needy in the Greater Kansas City area, contact Becky Poitras at 816.285.3149.
The Required Minimum Distribution (RMD) is the smallest amount an individual over 70 1/2 must distribute from their IRA each year. The penalty for missing a RMD is 50% of the amount that was supposed to have been distributed!
The IRS provides additional useful information on RMDs here.
Typically when individuals take distributions from their Individual Retirement Accounts (IRAs), it counts as income for tax purposes. An IRA charitable rollover, also called a Qualified Charitable Distribution (QCD), is an exception. Individuals age 70 1/2 and older may distribute up to $100,000 each year from their IRAs to their favorite 501(c)(3) without counting the distribution as income.
Additional useful information on Qualified Charitable Distributions from the IRS may be found here.
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