Financial instruments (such as stocks, bonds, mutual funds, IRA's, etc.) are excellent ways to help support the Lord's work while providing you with charitable tax benefits for yourself or your organization.
With regard to IRA's, you may be in a situation where you have a larger-than-expected balance, and now will be paying a lot more in taxes than you planned. An IRA Direct Charitable Contribution could be substantial benefit to you. From the ECFA website:
Thanks to the Pension Protection Act of 2006 as extended by subsequent legislation, taxpayers age 70½ or older can make tax-free distributions directly to a church or charity from traditional IRAs or a Roth IRA up to $100,000 per year for 2006 through 2011. (IRA direct charitable contributions to donor advised funds, supporting organizations, private foundations or charitable remainder trusts do not qualify.)
Under these new rules, taxpayers can transfer IRA funds directly to your church or charity without incurring income tax on the transfer. The donor may claim a charitable deduction only to the extent that the IRA was funded with after-tax dollars. Individuals may have made both pre-tax and after-tax contributions to a traditional IRA. Roth IRAs are funded with after-tax contributions.
To make arrangements for these types of gifts, please contact Derek Garrett at 972-298-1101, or by email at [email protected]