Many WPC members have made outright contributions and planned gifts from their retirement assets, such as a 401(k), 403(b), traditional or Roth IRA. If you are looking for an efficient and income-tax beneficial way to accomplish your generosity goals while also supporting the many, exciting ministries of Williamsburg Presbyterian Church, please consider a gift to WPC from your retirement assets. Below are some frequently asked questions and answers about how to make gifts to WPC from your IRA.
The IRA Charitable Gift is a qualified charitable distribution (a non-taxable distribution) from an Individual Retirement Account (IRA) owned by an individual who is age 70½ or older that is paid directly from your IRA to Williamsburg Presbyterian Church.
You can transfer up to $100,000 annually (up to $200,000 for married couples) from your IRA to WPC.
Yes. You can honor your annual intention of giving to WPC through a qualified charitable distribution from your IRA.
Yes. If you are currently subject to the RMD, then a qualified charitable distribution can satisfy all or part of the required minimum distribution from your IRA.
Yes. Qualified charitable distributions are not subject to the percentage of AGI limitations for charitable contributions and are not reportable as income for federal income tax or for Social Security income purposes. The amounts withdrawn are not subject to state income taxes in most states. Amounts withdrawn from an IRA account are removed from your taxable estate.
No. The gift would be excluded from income, so providing a deduction in addition to that exclusion would create an inappropriate double tax benefit.
No. However, it may be possible to make a tax-free transfer from other such accounts to an IRA, from which a qualified charitable distribution can then be made.
Contact your IRA plan administrator directly and let them know of your interest in making a qualified charitable distribution to WPC.
Please contact our director of administration, Stephen Foster at 757-229-4235 or to make arrangements for your gift.
Please contact Allen Thomas at 610-517-1304 or for further information.