Properly Acknowledging a Qualified Charitable Distribution
As of 2016 anybody 70.5 years or older has a new option for making gifts to the Lord’s work at your church: their IRA. A provision of the Protecting Americans from Tax Hikes Act allows IRA distributions to charity of up to $100,000 to be made tax-free (at the federal level and in most states). These gifts come directly from a member’s IRA administrator and therefore require a unique type of acknowledgment for tax purposes. See the “Planned Giving Reprintables” feature of this newsletter for a template you can use for this purpose. If you have any questions, contact WELS Foundation at 800-752-8940.