If you are age 70½ or older and are required to take minimum withdrawals from your IRA, this may be a great way to make a gift to Williamsburg Presbyterian Church or the WPC Endowment Fund. While you cannot claim a charitable deduction for IRA gifts, you will not pay income tax on the amount.

BENEFITS

  • Can total up to $100,000 in each tax year (if your spouse has a separate IRA account, you can each contribute up to $100,000 per tax year);
  • Can be excluded from your gross income for federal income tax purposes on line 15a of Form 1040 (no charitable deduction is available, however);
  • Can be used to satisfy your Required Minimum Distribution (RMD);

QUALIFICATIONS

  • You must be age 70 ½ or older at the time of the gift.
  • Transfers must be made from a traditional or Roth IRA account by your plan provider DIRECTLY to the charity. Funds that are withdrawn by you and then contributed do NOT qualify.
  • Gifts from 401k, 403b, SEP and other retirement plans do not qualify.
  • Gifts must be outright. Distributions to donor-advised funds, supporting organizations, or life-income arrangements such as charitable remainder trusts and gift annuities are precluded.

If this is something you are considering, please consult with your broker or tax advisor to discuss your particular situation.

Please contact Lynne Bundick, Director of Administration, at 757-229-4235 or for further assistance, instructions and a sample letter with instructions for your IRA plan administrator. Thank you!

Contact Our Church PCUSA

Our Location

WILLIAMSBURG PRESBYTERIAN CHURCH

215 Richmond Rd Williamsburg, VA 23185

Located on Richmond Road, across from the College of William & Mary

Our Location

757.229.4235


Our Location

secretary@mywpc.org



 

Our Hours

WORSHIP SERVICES: 9:30am and 11:00am


CHURCH SCHOOL: 9:30am


WEEKDAY OFFICE HOURS: 9:00am to 5:00pm


Closed Weekends and Holidays


©Copyright 2017 Williamsburg Presbyterian Church, All Rights Reserved.



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