Under the current IRS tax law, there is much talk about the standard charitable deduction. But you should know that a gift from your IRA will directly reduce your adjusted gross income!
Making a qualified charitable distribution from your IRA has two main benefits:
Because of the new, higher standard deduction, very few individuals are expecting to itemize. This second benefit can be better than itemizing deductions. When you make a direct IRA gift, you get a full exclusion of the income and reduce the taxable amount.
If you are 70 1/2 years or older, subject to RMDs and want to enlarge the work of IM in God’s mission, a gift direct from your IRA works for you and will be put to work for the kingdom.
Here is how to get started and learn more:
For more useful information on charitable and planned giving visit our development pages here.