Now and Later: Tax-wise Giving from Your IRA
April 5, 2022
Many CMDA supporters increase the impact and tax-efficiency of their generosity by giving now or later from their individual retirement accounts.
- Give now. If you are over the age of 70 ½, you have an exclusive giving option that’s far more tax-efficient than giving from your checkbook or wallet. You can give up to $100,000 (or $200,000 for couples) in qualified charitable distributions. This will not only satisfy your required minimum distributions, but it will also lower your taxable income.
- Give later. Extend the impact of your giving, well beyond your lifetime! When you leave your IRA to your loved ones, you create a taxable event for them, since it will be treated as income. However, when you name CMDA as a beneficiary, the entirety of your gift goes to ministry—tax free!
Whether you give now or later—or both now and later—giving from your IRA is a smart way to eliminate taxes and further this ministry that means so much to you.
Is giving from your IRA the right solution for your goals and situation? Learn more by emailing Paul Montgomery at firstname.lastname@example.org or call 423-844-1011.