{"id":1026763,"date":"2021-12-08T09:43:47","date_gmt":"2021-12-08T16:43:47","guid":{"rendered":"https:\/\/awmi1.flywheelsites.com\/?p=1026763"},"modified":"2023-01-10T17:15:50","modified_gmt":"2023-01-11T00:15:50","slug":"giving-from-your-ira","status":"publish","type":"post","link":"https:\/\/www.awmi.net\/blog\/giving-from-your-ira\/","title":{"rendered":"Giving From Your IRA"},"content":{"rendered":"\n
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More to the kingdom, less to the IRS!<\/h2>\n\n\n\n

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Would you like to sow into the kingdom of God with funds that have never been taxed? That is exactly what you can do if you have a traditional IRA and are age seventy and a half or older. This is a benefit offered by the IRS that every believer should consider taking advantage of. You can make gifts directly from your traditional IRA to Andrew Wommack Ministries without paying income tax on the withdrawal!<\/p>\n\n\n\n

An IRA is generally comprised of \u201ctax-deferred\u201d funds. This means that while you were working and contributing to your IRA, you were setting aside funds for your retirement. At the time, these funds were not taxed, and hopefully, this had the effect of keeping you in a lower tax bracket. The exchange for this benefit is that these funds are generally taxable when they are withdrawn from the IRA. However, when you turn seventy and a half, the IRS allows you to give from these funds directly to a charity without ever paying tax on the distribution!<\/p>\n\n\n\n

Gifts from your IRA to charity are called qualified charitable distributions (QCDs). An awesome benefit of QCDs is that they can count toward your annual required minimum distribution. A required minimum distribution is the minimum amount that a person who is age seventy and a half or over must withdraw from their account each year (see irs.gov\/Retirement-Plans). A QCD is an excellent tax-free donation!<\/p>\n\n\n\n

Here are a few guidelines on how QCDs work:<\/strong><\/p>\n\n\n\n