Giving from Your Individual Retirement Account
The IRS requires that you withdraw at least a minimum amount—known as a Required Minimum Distribution—from your retirement accounts (IRAs) annually, starting the year you turn age 70 and 1/2. Normally, this distribution is taxed as ordinary income.
If you are over 70 and 1/2 and you direct your IRA distribution directly to a qualifying charity, like St. Therese, you can potentially bypass the income tax on the distribution. Please consult your tax, financial, or law advisor to see how a tax-free IRA gift might benefit you.
Here are some key points.
· Currently the law applies only until December 31, 2011
· Your gift can be up to $100,000 per taxpayer (husband and wife)
· Payments must pass directly to the qualifying charity
· To the extent of the gift amount, you satisfy your Required Minimum Distribution (rmd)
To request further information, obtain the necessary forms, or to notify St. Therese of your gift, please contact:
Michael Birkel, Business Manager
816.741.2800, ext 217
mbirkel@sttheresenorth.org
