NEW IN 2023:
You can now use your IRA to fund a charitable gift annuity! This means that with a simple phone call, you can:
1. Lower your taxable income by up to $50,000
2. Receive guaranteed payments for the remainder of your life, and
3. Help build a brighter future for a child at Mercy Home
Read the article below to learn how to lower your tax bill and receive guaranteed payments from Mercy Home, all while helping young people in need.
Give from your IRA
Many people find that they’ve saved much more for retirement than they’ll need. Because of this, the IRS now says you must start taking money out of your IRA once you turn 73. This additional income comes with expensive tax-consequences in most situations. That’s why many people each year decide to send their distribution directly to charity.
This is called a “Qualified Charitable Distribution,” and it’s easy to accomplish. Using the QCD method, you can satisfy all or part of your required minimum distribution, and you support all your favorite charities at the same time. You can start as early as age 70 ½, you can contribute up to $100,000 each year, and you can make gifts to as many charities as you like. You’ll lower your adjusted gross income (and your tax bill), and your gift will support kids in need today.
To make this kind of gift, simply contact your IRA plan administrator, ask how to make a “QCD Gift” directly to charity, and follow their instructions to give to Mercy Home. For your convenience, we’ve provided sample language for a “letter of instruction” to your plan administrator below.
“The lady who prepares my taxes told me about [the tax savings I’d receive by] giving through my IRA. It just seemed the reasonable and simple thing to do. I’m taking my 10% off the top and saying this doesn’t belong to me, it belongs to God. It’s such a privilege to see the power and potential for these children once they are in Mercy Home’s care.”
The Herald, a publication of Mercy Home for Boys & Girls.
View a sample IRA letter here.
Learn how easy and effective it is to give through your IRA.
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Mission of Our Lady of Mercy, Inc.
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Philanthropic information presented herein is intended for friends and supporters of Mercy Home for Boys & Girls. This material may be helpful in your tax and financial planning, and is based on current laws and recent court decisions. You should consult your own legal, tax, or financial planner to determine how these gift vehicles may apply to your own situation.