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A Message from Our Resources Ministry: IRA Charitable Gifts

November 18, 2022

Making an IRA Charitable Gift to WPC To Fulfill Your Annual Pledge

As we approach the annual season to support the many exciting ministries of Williamsburg Presbyterian Church, a number of Church members have inquired about making their contributions to WPC’s 2023 Ministry Funding Plan from their IRA.  Below are some frequently asked questions and answers about how to make gifts to WPC from your IRA.

  • What is the IRA Charitable Gift? - 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.
  • How much can I transfer through an IRA Charitable Gift? - You can transfer up to $100,000 annually from your IRA to WPC.
  • Can an IRA Charitable Gift be used to satisfy my annual pledge to WPC? - Yes. You can fulfill your annual pledge to WPC through a qualified charitable distribution from your IRA.
  • Can an IRA Charitable Gift to WPC satisfy my required minimum distribution (RMD)? - 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.
  • Are there any other tax advantages of gifting through an IRA Charitable Distribution -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  The amounts withdrawn are not subject to state income taxes in most states.  Amounts withdrawn from an IRA account are removed from your taxable estate.
  • Is an income tax deduction also available? - No. The gift would be excluded from income, so providing a deduction in addition to that exclusion would create an inappropriate double tax benefit.
  • Can other retirement plans, such as 401(k) and 403(b) accounts, be used? - 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.
  • What is the process to make a qualified contribution to WPC through an IRA Charitable Gift? - Contact your IRA plan administrator directly and let them know of your interest in making a qualified charitable distribution to WPC.
  • Who should I contact at WPC if I still have questions about the IRA Charitable Gift? - Please contact Allen Thomas for further information.

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