Some Potentially Helpful Tax Information
Are you over the age of 70 ½ and facing a Required Minimum Distribution from your IRA? A Required Minimum Distribution refers to the minimum amount you are required to withdraw from your retirement account(s) each year. Did you know you can give straight to your church with a Qualified Charitable Distribution and avoid the taxes on it?
A Qualified Charitable Distribution can satisfy part or all of your Required Minimum Distribution. Because Qualified Charitable Distributions don’t increase taxable income, both higher tax rates and phaseouts can be avoided. Normally, distributions from a traditional IRA are taxable when received. With a Qualified Charitable Distribution these distributions become tax-free as long as they're paid directly from the IRA to an eligible charitable organization. Qualified Charitable Distributions can be made from any or more than one of the IRA types (traditional, inherited, inactive SEP and inactive SIMPLE IRAs). You can give all or part of your Required Minimum Distribution.
Simply call the custodian of the IRA at the number listed on your statements and request that a distribution be made directly to our organization. The custodian will pay us directly. You will not be liable for income tax on this gift. In addition, you can count up to $100,000 per year in charitable giving towards your required minimum distribution.
You are encouraged to talk with your tax advisor to see if a Qualified Charitable Distribution is a good idea for you.
A Qualified Charitable Distribution can satisfy part or all of your Required Minimum Distribution. Because Qualified Charitable Distributions don’t increase taxable income, both higher tax rates and phaseouts can be avoided. Normally, distributions from a traditional IRA are taxable when received. With a Qualified Charitable Distribution these distributions become tax-free as long as they're paid directly from the IRA to an eligible charitable organization. Qualified Charitable Distributions can be made from any or more than one of the IRA types (traditional, inherited, inactive SEP and inactive SIMPLE IRAs). You can give all or part of your Required Minimum Distribution.
Simply call the custodian of the IRA at the number listed on your statements and request that a distribution be made directly to our organization. The custodian will pay us directly. You will not be liable for income tax on this gift. In addition, you can count up to $100,000 per year in charitable giving towards your required minimum distribution.
You are encouraged to talk with your tax advisor to see if a Qualified Charitable Distribution is a good idea for you.
Recent
Archive
2024
January
LAST Call for Directory UpdatesPutting Christmas Decorations AwayKnowing Our CallHelp Support One of Our FamiliesAnti-Racist Film Club UpdateA Message from Pastor AlexaMORE Winter Affinity NightsYouth Group Silent AuctionAn Exciting Staff AnnouncementFOWIA Valentine Card SaleUWIF Wants Your HelpThurston County Bus BuddiesAnti-Racist Film Club This MonthGreen Bag Sunday ReturnsWe Want to Hear From YOU
February
Lunch With the PastorValentines Day Party | Kids Night OutWant to See the Rainiers This Summer?LAST Chance to Get Your Valentines CardsGeneral Conference FAQsInterfaith Works Wants YOUR HelpAffinity Night Meal Sign-upsSchool Break Bags For KidsThe Parish Collective ConferenceShelton UMC Anti-Racism Accountability GroupUWIF Timely TopicsRadicle Methodism Bible StudyLet's Scarf Bomb the ChurchFaithful & Inclusive ClassMemorial for Rev. Paul BeemanHousewarming for ShawnnaUWIF Chocolate EggsCalling for CookiesThe UWIF Rummage SaleDo You Need a Washer or Dryer?How You Can Help Madison SchoolAnti-Racist Film Club - March EventsDo You Like Bowling?
March
Tumwater UMC Softball TeamDinner With the PastorUWIF Rummage Sale - This WeekendSome Potentially Helpful Tax InformationLAST Week to Order Fudge EggsHealth Ministry TeamHow to Order Easter FlowersScarf Bombing on HiatusGreen Bag SundayThe FINAL Affinity Night in LentEaster EGG-stravaganzaHoly Week Worship ScheduleEarth Day CelebrationFUMCO Gleaners
2023
January
A Message From the Greater NW JurisdictionRainbow Fellowship GatheringUnited Women in Faith Upcoming EventsWomen's Book Club THIS FridayPhotos for the Church DirectoryA Message From Our New BishopAffinity Nights Are Almost Here!An Update From Our OPOP TeamOur New Choir: Common GroundChanges in Green Food Bag CollectionLent at Home Worship BoxesValentine & Greeting Card SaleA Lenten Study with Pastor Heather
February
March
Order Your Chocolate Easter Eggs from the UWIFA Notice for Parents, Guardians, and CaregiversOur New Logo!Attention FUMCO Gleaners!Caregivers Support GroupSupport Our Youth's Confirmation JourneyPhotos for the Church Directory - LAST CHANCESign Up for the Easter VigilCollege Care PackagesWant to be a Childcare Worker?How to Order Easter FlowersGreenbag Sunday is Here Again!Trustees Spring Work PartyAffinity Nights Are Coming Back
Categories
no categories
No Comments