How You Can Put Your IRA to Work for the Lowcountry
Did you know that after years of contributing to your traditional IRA, SEP-IRA, or SIMPLE IRA, income tax is due on that money when you take withdrawals in retirement? Annual withdrawals from traditional retirement accounts are required after age 70 1/2, and the penalty for skipping a required minimum distribution (RMD) is 50 percent of the amount that should have been withdrawn.
However, if you are in the fortunate position of not needing your distribution for living expenses and are charitably inclined, you can avoid income tax on your required withdrawal by donating this money directly to a qualifying charity.
If you or someone you know meets this age requirement and is facing a required minimum distribution (RMD) this year, you can can transfer up to $100,000 directly to an eligible charity without paying income tax on the transaction.
That means you can put your IRA to work “for the Lowcountry”! LowCountry Community Church welcomes these qualified charitable contributions to help make a difference in your community and change lives through the message of Jesus Christ.
To be eligible for this specific tax-exempt donation, the transfer of funds must be made directly from an IRA to LCC. Please contact your tax professional with questions. Contributions may be mailed to LowCountry Community Church at 801 Buckwalter Pkwy, Bluffton, SC 29910. Interested in other ways to give through stock, your estate, or life income gifts? Please contact LCC at 843-836-1101.