Many Americans over 70 1/2 years old have Individual Retirement
Accounts(IRAs), and are forced to take a required minimum
distribution (RMD) each year. Very few know that rather than
taking that RMD themselves (and paying taxes on the money
withdrawn), they can give that RMD directly to a charity, and avoid
paying any taxes on the withdrawal. Congress has just acted to make
this tax provision permanent, in the tax bill passed by Congress on Dec.
There are only a few days left in 2015, but in these days "Friends of
St. John United Methodist Church" can act to benefit both themselves
and St John UMC! These gifts do not qualify as charitable
contributions; rather they are transferred tax free (which usually will
save the donor more in taxes than a charitable deduction
would). Some of you might choose to pay your 2016 pledge now with
a gift from your IRA, rather than use monthly income.
It is not difficult. All you need to do is tell your IRA administrator that
you want to give your RMD (or other designated amount) to St. John
UMC, Owensboro, KY in a rollover, and avoid the income tax. The IRA
administrator then sends a check to St. John United Methodist Church.
If we can be of any assistance to you, do not hesitate to contact us.
2160 Griffith Ave. Owensboro, KY 42301 270-683-6326.