If you are 72 or older, required minimum distributions (RMDs) from your IRA account can be a significant and undesirable annual tax burden. Did you know that you can fulfill your RMD, make a charitable gift to International Ministries (IM) and reduce your federal income tax on the amount given from your IRA to charity?
Since 2015, Congress made permanent the qualified charitable distribution rule. If you are a traditional IRA owner, this rule allows you to subtract your RMD on your tax return and reduce your taxable income if you give the money to a qualified charitable organization. Your giving to IM qualifies!
If you do not have an RMD requirement but are 70½ you can still make qualified charitable gifts from your IRA which could provide a tax benefit over cash giving.
We can also provide you with assistance.
2. Note that IM is registered as the American Baptist Foreign Mission Society Tax ID 13-5563392.
Then contact your IRA Administrator and submit the letter to request the amount you wish to give to IM and you will make a significant difference in Global Mission.
For additional useful information on charitable and planned giving, visit our development page on the website.