How to turn age 70 &1/2 into Generosity
If you are age 70 &1/2 and have an Individual Retirement Account (IRA), you must begin to withdraw a Required Minimum Distribution amount each year and pay Federal Taxes on it. There is a way for you to contribute some of this money to a Qualified Foundation (like the United Methodist Men Foundation) and not have it taxed as income. The only requirement is that the funds must go directly from the IRA account to the Foundation General Fund.
Here’s an example:
Let’s say the Required Minimum Distribution for your IRA account is $20,000.00 for the year. You decide to tithe 10% of it to the United Methodist Men Foundation, or $2000,00 per year. If you give $500 every 3 months directly from your IRA to the Foundation, then you can direct the remainder, $18,000.00 to your checking account monthly at $1500.00 per month, and only pay income tax on the $18,000.00 which came to you.
You can do any amount, and I can witness that you will not miss the money sent directly to the United Methodist Men Foundation! Your generosity will support the Boy Scouts, Girl Scouts, and Big Brothers Big Sisters. It will support Youth Serving Ministries and Mission Programs of the United Methodist Men.
And here’s the best part: you’ll feel good you DID IT!
United Methodist Men Foundation
810 12th Avenue South
Nashville, TN 37203
