Make a tax-free donation to VMM with your IRA
Posted on January 5, 2011 by VMMissions Staff
If you own an IRA and are at least 70½ years old, you have a significant opportunity to avoid paying taxes on your IRA and make a charitable donation to Virginia Mennonite Missions.
The U.S. Congress recently extended through 2011 a provision that allows you to donate to charity up to $100,000 per calendar year from a regular or Roth IRA without paying taxes on the earnings. You may donate all or a portion of your IRA, or even a Required Minimum Distribution.
How to make a gift to Virginia Mennonite Missions:
- Contact your IRA custodian and request that a gift be sent to Virginia Mennonite Missions. Many custodians have a form that needs to be filled out and signed by you to process your gift, a copy of which can be found below.
- Inform VMMissions so that we can give you the proper receipt letter to make certain that your gift qualifies. A similar draft letter is available for this purpose.
- Below you will find a draft letter to IRA custodians and a sample letter to VMMissions. If you would like to know more about how to donate from your IRA, give us a call. We will be glad to provide a full explanation and can help you handle the paperwork.
Please allow enough time at the end of the year for your IRA custodian to process your request. It may take up to two weeks. Also, please note that to avoid paying income taxes on your IRA rollover, the check must be issued by the IRA custodian to Virginia Mennonite Missions.
Director of Development
Filed in: Updates