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Your Missouri United Methodist Foundation is here to help local churches facilitate these gifts. Here are the key requirements and how it works:
- You must be 70 ½ or older when the transfer is made
- The transfer must go directly from your IRA administrator to your church
- Rollover gifts are limited to $100,000 per taxpayer per year. If married, and each spouse has an IRA, then each may gift up to $100,000
- The gift counts toward your IRA required minimum distribution
- The distribution is not reported as income, so there is no adverse income tax effect
- Gifts must be outright: not to donor advised funds, charitable remainder trusts, or for charitable gift annuities. Gifts can fulfill your local church pledge
The Foundation has helpful (both electronic and hard copy) sample letters for anyone interested in this opportunity. Just call us at 800-332-8238 or go to https://mumf.org/2015/ira-gifts. The Foundation can mail you a packet of information or you can download the Donor Sample IRA Distribution Request Letter and The Sample Church IRA Gift Receipt. Supporting your church’s ministry...easy as “rolling over.”
Donors and church administrators may contact the Foundation for assistance and information at 800-332-8238 and/or download sample materials at www.mumf.org.