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Gift of IRA/401k/Retirement Account

One of the best ways to save taxes is to give your qualified accounts (IRA, 401k, etc.) to a charity. Retirement accounts are funds that have pre-tax dollars in them. The income tax has been delayed on the money in your account until you withdraw it. For example: as an employee benefit, each pay period your employer puts money in a retirement account for you. Your employer does not take out taxes on this money, nor do you pay taxes on it April 15th. When you retire and began to withdraw the money, you list it as ordinary income on your tax return. These types of accounts allow you to delay paying the income tax until you use it during retirement.

There are two ways to gift retirement money: 1) During Life; and 2) After Death.

  1. During Life:

    Once you reach retirement age, you are required to take minimum distributions (“RMD”) from your retirement accounts each year. A lot of people complain that they do not need the money and do not want to have to pay the income taxes at the end of the year for the money they did not need. So, instead of taking the RMD and paying income taxes on it, they gift that years RMD to Amazing Discoveries. This is a great way for the donor to save on taxes and help advance God’s kingdom.

    Please note, this type of transfer is dependent on current tax laws and you should contact a tax advisor before making the transfer.

  2. After Death:

    Many people do not use all the money in their retirement accounts during their life. When they pass away, the money goes to the beneficiary they named on the account. If the beneficiary is an individual, it subjects that individual to income tax. It can also cause a double tax on the money. For example, let’s say you named your son as the beneficiary of your retirement account, and the value of the account is $100,000. If you die and you have a taxable estate, you will have to pay estate tax, around $40,000. When your son withdrawals the remaining $60,000, he will have to pay $19,800 of income taxes (assuming a 33% tax bracket). This means that of the $100,000 account, your son will only receive about $40,200. Alternatively, if you name Amazing Discoveries as the beneficiary of your retirement account, and gave the rest of your estate to your son, there would not be any estate tax or income tax on the account and Amazing Discoveries would receive the full $100,000.

Giving a retirement account to charity saves on both estate and income taxes. It also does not cost anything to do. All one has to do is change the beneficiary on the account to Amazing Discoveries. This is why retirement accounts are such a great charitable gift. Like the example above, why give 60% to the IRS when you can give 100% to the Lord’s work. If you desire to give to charity, give smart and leave your retirement account to Amazing Discoveries and your other assets to your family.

If you are interested in leaving your retirement account to Amazing Discoveries, or if you would like to learn more, please click here to contact us now.

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