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In October 2008 the president signed into law an extension of the IRA Charitable Rollover provision that had previously expired. What this means is that individuals age 70½ or older may make tax-free gifts of up to $100,000 directly from their Individual Retirement Accounts to Ligonier Ministries. As it stands now, this option will only be available through December 31, 2009.
This provision may be particularly attractive to ministry friends who encounter limits on the amount of charitable gifts they can deduct, or who may not entirely benefit from their charitable deductions. In addition, a donation from your IRA directly to Ligonier Ministries counts toward your required minimum withdrawal and could provide tax savings as the amount gifted is not reportable as income. Lastly, giving from IRA assets could limit estate tax and the tax impact on heirs of those assets.
Before taking your minimum required IRA distribution this year, consider if you might benefit from making a gift directly to Ligonier Ministries from your retirement funds. Remember,
- you must be age 70 ½ or older at the time you make the gift.
- the total of your IRA donations for the year cannot be more than $100,000. Couples with separate IRA’s are each eligible to give that amount.
- your gift must come from a traditional or Roth IRA. Pension plans or 401K’s do not qualify.
- to contact your IRA administrator to make the gift directly from your account to Ligonier.
We recommend that you consult with your financial advisor to be certain you qualify for this opportunity and that it would benefit you. For additional information, or should you decide to take advantage of this incentive, please contact Randi Walter, Director of Stewardship, at rwalter@ligonier.org or (954) 632-6227. |
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