Retirement Accounts

Did you know that you can make a Required Minimum Distribution (RMD) from your retirement account to Gospel Life Church and your donation will be tax exempt?

 There are many benefits when you make
an IRA Charitable Gift!

You can make a gift to satisfy all or a portion of your
Required Minimum Distribution (RMD) for this year.  
You can avoid taxes on transfers of up to $100,000
from your IRA.  And you can reduce your taxable
income, no need to itemize deductions!

Here’s how it works: 

• Deadline for your first RMD is April 1st

• If a person is at least age 72 1/2, they must take a RMD from their IRA (except Roth IRAs) or incur a penalty.  They may take more than the minimum at their discretion.

• Individuals would contact their IRA account manager to make the Qualified Charitable Distribution (QCD) and their funds can be distributed to the GLC General Fund.

• The maximum annual exclusion for QCDs is $100,000.  Any QCD in excess of the $100,000 exclusion limit is included in income as any other distribution.

• GLC would acknowledge to the giver the receipt of the contribution. 

• The donation is tax exempt even if the individual does not itemize deductions for income tax purposes because the IRA account manager would not identify this to the IRS as reportable income in accordance with the tax code.

If you have questions, contact your financial advisor, accountant, or tax preparer.