Giving Through Your IRA
On December 15, 2015, the president signed into law “Protecting Americans from Tax Hikes Act of 2015.” This law includes a permanent extension of the IRA Charitable Rollover and is retroactive to January 1, 2015.
This tax provision allows owners of individual retirement accounts who are 70½ or older to make gifts from their IRA directly to charity. This option permits for donations of up to $100,000 of IRA assets to be sent directly to Ligonier Ministries and other non-profits without reporting the withdrawal as taxable income.
What does this mean to you as a supporter of Ligonier Ministries?
It allows for direct charitable gifts to be made directly from IRAs. You may make gifts to our outreaches from traditional and Roth IRA accounts without any federal tax liability, as long as the gifts are “qualified charitable distributions.” You may not take a charitable deduction for this donation, but distributions are not included in your adjusted gross income and will qualify for all or part of your Required Minimum Distribution.
Requirements for “qualified charitable distributions":
- IRA holder must be age 70½ or older at the time of gift
- Gifts will qualify for all or part of your Required Minimum Distribution
- Gifts are tax-free up to $100,000 per year
- Gifts must be outright gifts made directly from your IRA to a charitable organization
- Distributions to donor-advised funds or support organizations are not permissible
- Distributions may only be made from traditional IRA or Roth IRAs, not 401(k) or 403(b) plans
If you have questions about this or would like to donate to Ligonier Ministries using other appreciated assets, please contact our gift planning representative at 1-800-220-7636 ext. 1182 or email firstname.lastname@example.org.