IRA Tax-Free Gift Option Renewed for 2014

22 Dec

For those over age 70½, it is once again possible to make direct charitable gifts from traditional and Roth IRA accounts.

On December 19th legislation was signed into law that extends this special opportunity for gifts completed in 2014.  Amounts given in this way will count toward 2014 required IRA withdrawal amounts.

A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to your UM church or favorite UM ministry free of federal and state income tax.

To make such gifts, it is important to not withdraw funds prior to a gift, but distribute them directly from an IRA to one or more qualified charities. For those with check writing privileges on their IRA accounts, this may be the most efficient way to make gifts directly from an IRA.

For more detailed information contact your Minnesota United Methodist Foundation – click here for details – or call 612-230-3337.  Contact your IRA administrator and/or your professional advisers asap as gifts must be completed before December 31st to qualify.

 

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