Satisfy Your Required IRA Distribution & Pay No Tax
DID YOU KNOW?If you are 70 ½ or older, you are required by the IRS to take required minimum distributions from your IRA(s) each year. When planning your IRA withdrawal strategy, you might consider making charitable donations to Lafayette Urban Ministry through a Qualified Charitable Distribution, also known as an IRA charitable rollover. Since LUM is a qualified 501(c)(3) charity, your gift can be made directly from your IRA to LUM. The ADVANTAGES are as follows:
- It’s an easy way to make an investment in LUM from one of your major assets.
- It satisfies all or part of your annual mandatory distribution requirement at age 70 ½ and older.
- It is excluded from income so you pay no federal tax on this amount, and avoid potentially being moved into a higher tax bracket.
To calculate your mandatory minimum withdrawal use the IRA Required Minimum Distribution Worksheet, click HERE. Once you’re ready, direct the administrator of your IRA(s) to make the charitable distribution(s) directly from your IRA(s) to Lafayette Urban Ministry, Inc. For a sample letter to your IRA administrator, click HERE. For more information, you may email or call the LUM executive director, Joe Micon (email@example.com | 765-423-2691).