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Individual Retirement Account (IRA)​

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Donating directly from your Individual Retirement Account (IRA) to Love World Missions is a powerful way to support our mission while maximizing your tax benefits. Here’s what you need to know about this option:​

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Benefits of IRA Donations:​

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  1. Tax Advantages: When you distribute funds directly from your IRA to Love World Missions, the amount donated may not be included in your taxable income. This can be particularly beneficial for individuals who do not itemize deductions on their tax returns.

  2. Qualified Charitable Distributions (QCDs): If you are 70½ years or older, you can make a Qualified Charitable Distribution (QCD) of up to $100,000 per year directly from your IRA. This allows you to satisfy your Required Minimum Distribution (RMD) while supporting Love World Missions.

  3. Reduce Taxable Income: Donating from your IRA can help reduce your overall taxable income, potentially lowering your tax bracket and reducing taxes on Social Security benefits and Medicare premiums.​

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How to Make a Donation from Your IRA:​

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  1. Check Eligibility: Ensure that your IRA is eligible for QCDs. Most traditional IRAs qualify, while Roth IRAs do not.

  2. Contact Your IRA Custodian: Reach out to your financial institution or IRA custodian to initiate the distribution process. They can provide specific instructions and any necessary forms.

  3. Specify the Donation: Clearly indicate that the funds are being donated to Love World Missions. Provide the necessary details, including our legal name and tax identification number, to ensure proper processing.

  4. Keep Records: After the donation is processed, obtain a confirmation letter or receipt from Love World Missions for your records. This documentation is essential for tax reporting purposes.​

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Important Considerations:​

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  • Consult a Financial Advisor: It’s always wise to consult with a financial or tax advisor before making IRA distributions. They can help you understand the implications and benefits specific to your financial situation.

  • Plan Your Donations: Consider your overall giving strategy and how IRA donations fit into your philanthropic goals. This approach can be part of a larger plan to support causes you care about.​

 Thank you for considering this generous way to support our mission!

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