Go to our planned giving website to see our video on IRA charitable rollovers.
If you are over age 70 ½, the federal government permits you to rollover up to $100,000 from your IRA to Answers in Genesis or other ministries and charities without increasing your taxable income or paying any additional tax. These tax-free rollover gifts could be $1,000, $10,000, or any amount up to $100,000 this year, as long as it is done by December 31, 2011. The gift can be used to satisfy your required minimum distribution (RMB) this year. The charitable IRA rollover will expire on December 31 of this year, unless Congress acts to extend the provision.
You Can Give More
Perhaps you have already made cash gifts to the ministry this year up to the federal limit. Your charitable deductions for cash gifts are limited to 50 percent of your adjusted gross income for a given year. Maybe you are a generous donor and desire to give even more this year. With an IRA rollover gift, you can transfer excess funds from your IRA to Answers in Genesis and still make your regular cash gifts up to the federal limit. In other words, you can give more without paying more in tax.
Simple, Easy Gift
If you are like many individuals, your IRA has increased in value over the years and you may have more income than you need. The IRA rollover gift is a simple and easy way to provide for Answers in Genesis while not increasing your taxable income. Simply contact your IRA custodian and request that an amount be transferred to Answers in Genesis. Our federal tax identification number is 33-0596423. The ministry will receive a nice gift and you avoid any additional tax and satisfy your RMD for the year.
Make a Major Gift
Perhaps you are considering your tax planning goals and would like to make a major gift to Answers in Genesis. Like many individuals, your IRA may be the largest asset in your estate. Your CPA may be looking for ways to save taxes. By making an IRA charitable rollover gift of up to $100,000, you can reach your stewardship goal of significantly helping Answers in Genesis to proclaim the absolute truth and authority of the Bible, and at the same time you will reduce your taxable income.
Future IRA Gift Options
While you have the opportunity to make an IRA charitable rollover gift now until December 31, 2011, there are other options available for making future gifts from your individual retirement account to the ministry.
Bequest of IRA
One option is to designate Answers in Genesis as the beneficiary of your IRA. This permits you to continue to take withdrawals from your IRA during life and then leave the remaining value of your IRA to the ministry.
Testamentary IRA Gift Annuity
Another option is to make a future gift of your IRA to Answers in Genesis while providing life income to your heirs. Your family will receive fixed payments based on age at rates that can be as high as 9.5 percent.
Testamentary IRA Unitrust
An IRA could also be transferred to a special trust that usually provides income to children for a period of up to 20 years. After that time, the trust may pass to Answers in Genesis or another favorite charity, creating a wonderful way for you to make a charitable gift in support of the future work of the ministry.