IRA / Retirement Account

IRA / Retirement Account

1. MAKE A CHARITABLE IRA ROLLOVER GIFT TODAY

Donors 70 ½ or older may roll IRA funds to ministry tax-free up to $105,000 (indexed for 2024). Qualified Charitable Distribution is a tax free direct transfer of IRA funds to Samaritan's Purse.

  • You must be age 70 ½ or older at the time the gift is made.
  • You must request from the IRA plan custodian a direct transfer of funds to Samaritan’s Purse for the gift to be tax-free (also known as a Qualified Charitable Distribution).
  • Gifts can be used to satisfy your IRA required minimum distribution once they begin.
  • Each person may give up to $105,000 annually (indexed for 2024).
  • Gifts can be designated for a specific Samaritan’s Purse project or where most needed.

Funds held in 401(k), 403(b), or tax-deferred annuity plans are not eligible but may be rolled over into a Standard IRA, then used to make tax-free gifts to ministry. Gifts from a SEP-IRA and SIMPLE IRA may qualify but should be discussed with your professional tax advisor.

When instructing your IRA plan custodian to make a gift, please request that your name and address as the donor be included with the check, or contact us in advance to provide this information so we may credit it to your account accurately.

2. ONE-TIME OPTION TO FUND A LIFE-INCOME GIFT WITH A QCD

Effective January 1, 2023, the SECURE Act 2.0 allows traditional IRA account holders a one-time option to donate directly from their IRA to fund a life-income gift. This Qualified Charitable Distribution (QCD) comes tax-free to Samaritan's Purse directly from your IRA administrator and can fund a Charitable Gift Annuity (CGA) for up to $53,000 (indexed for 2024). The CGA pays income to you, your spouse, or both of you for your lifetime(s), beginning immediately. If your spouse also has a traditional IRA, talk to your tax advisor to see if your spouse can contribute an additional $53,000 for a combined $106,000 CGA. Your annuity rate must be 5% or higher and all QCD-CGA payments will be taxed as ordinary income. You must be 70-1/2 or older to make a QCD and your gift is not tax deductible.

If you have further questions about giving through your IRA, please contact our legacy planning team at stewardship@samaritan.org or call toll free 833-345-3422 for confidential personal assistance.

The information on this website is not intended as legal or tax advice. For such advice, please consult an independent attorney or tax advisor.

 

Did you know?
An IRA, 401(k), 403(b), SEP-IRA, SIMPLE IRA or tax-deferred annuity makes a great legacy gift for ministry and will save your family significant tax dollars after your lifetime. Learn more

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