WELS Lutherans for Life
  • - Home -
  • Who We Are
    • Our Commitment >
      • To Clients >
        • Success Stories
        • Client Services
      • To Students and Parents >
        • Healthy Choices Program
      • To Community
      • To Partners >
        • Endorsements
        • Financial Information
  • Invest
    • Donate Securely
    • Virtual Baby Bottle
  • Get Involved
    • Events >
      • TreasureLife >
        • TreasureLifeDonate
      • Life-A-Thon 5/8/2021
    • Participate >
      • Volunteer
      • Churches and Schools >
        • Church & School Partners >
          • Church Partner Resources >
            • Sanctity of Life Resources
        • Offering Envelopes
        • Speakers & Education >
          • Healthy Choices
  • Get Informed
    • Blog
    • Get Email Updates
    • Newsletter >
      • Print Newsletter Opt-in
    • Links >
      • Client Links
    • FAQs
    • Employment Opportunities

IRAs and DAFs and Bunching, oh my!

12/18/2018

0 Comments

 
Tools to enhance your charitable giving at year's end.
Lions and tigers and bears, oh my! 
That’s what Dorothy was concerned about as she entered the dark forest with the Scarecrow and Tin Man in the Wizard of Oz. They tried to overcome their fear by repeating the phrase just before they encountered the ferocious Lion.  
 
Well, the Lion wasn’t so ferocious after all. And neither are the ways to maximize your charitable gifting opportunities.
 
Here is a short list of curated material to help you understand some terms that may sound scary, but really are easily explained by the experts.

IRA qualified charitable distribution
Individuals 70.5 years or older with an IRA, may make direct transfers of up to $100,000 per year to charity. If married, both spouses can make a transfer. Rather than being treated as taxable income, direct transfers to charity are wholly excluded for federal income tax purposes. These transfers do not generate a charitable deduction, but the relief from tax impact is often more advantageous. Click here to read more. 

DAF (Donor Advised Funds)
It's never too late to give with a Giving Fund. A giving fund allows you more time and more flexibility when you need it most at year-end. By setting up a donor advised fund, you are creating a lasting legacy and helping to do the Lord’s work. Giving is an act of worship, another way to offer your Lord a thankful response for his never-failing gifts. Click here to read more.

Bunching
The timing of some deductions is within your control. If you do not have enough deductible expenses to exceed the standard deduction, you can concentrate, or “bunch,” your deductions for multiple years. That way, you may be able to itemize in some years (one way to accomplish this is through a donor advised fund—see page 17). If you do itemize, you may deduct gifts of cash up to 60 percent of your adjusted gross income. Any excess may be used as a deduction over the next five tax years.

We’ve partnered with the WELS Foundation and National Christian Foundation to do what they do best, helping you with your charitable gifting while we stay focused on protecting Life. The information shared here is from them.
                ------------------------------------------------------------
Some deadlines to know if you’d like your gift to be made in 2018 for tax purposes:
• A gift by check is considered completed when the check is mailed and postmarked (USPS) by Dec. 31.
• A credit card gift must be successfully charged to your account by midnight on Dec. 31. This generally happens immediately when the gift is made.
• An electronic funds transfer (EFT) gift must be processed by WELS in 2018. The deadline for these gifts is 2:30 p.m. (Central) on Fri., Dec. 28.
 
Special note for qualified charitable distributions from an IRA:
For a qualified charitable distribution to count toward your current year's required minimum distribution (RMD), the funds must come out of your IRA by your RMD deadline, generally Dec. 31. (If a donor writes a check to from an IRA account, our office must be able to cash the check before Thursday, Dec. 27.)
 
The information contained on this website is not intended as legal advice. For legal and tax advice, we encourage you to consult an attorney or tax professional. 

Please consider sharing this information with your relatives and friends who may be eligible to take advantage of this opportunity. 

If you are interested in considering a gift of this nature, please contact Peter at 414-727-8176 or Contact@ALife2.com.
0 Comments



Leave a Reply.

    TO REPRINT / SHARE
    To request permission to share or reprint any of our articles please contact us.

    Archives

    March 2020
    September 2019
    July 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    December 2017
    November 2017
    October 2017
    August 2017
    July 2017
    June 2017
    May 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015

    Categories

    All
    Engage
    Events
    Fortify
    Love
    Mission Moment
    Understand

      Get FUELed for Life:​
      First & Last name required
      E-mail address required
    Click to Subscribe

    Authors

    Amber S.
    Jeff G.​
    Jeff U.
    Katrina
    Megan L.
    Philip

    RSS Feed

    Any questions or general comments about this blog, please contact: BlogMaster@ALife2.com
"We're all about "Protecting a child's right to live and be loved" by loving moms and dads."

"Like" us on Facebook!
and join these friends...
Picture
If you have any questions or
comments, call or complete
the 'Contact Us' form below.
We'll be happy to speak with you.

socialize with us


Call us 414-727-8176
and help today:
Donate Button

    contact us

Submit

Find us

WELS Lutherans for Life
8501 W. Lincoln Avenue

West Allis, WI 53227-2562
Copyright ©2021 WELS Lutherans for Life, Metro-Milwaukee. All rights reserved.    Site Terms of Use     Privacy Policy
We are a registered non-profit 501(c)3 tax exempt organization. EIN 39-1436085.  All contributions are tax deductible to the fullest extent allowed by law.
  • - Home -
  • Who We Are
    • Our Commitment >
      • To Clients >
        • Success Stories
        • Client Services
      • To Students and Parents >
        • Healthy Choices Program
      • To Community
      • To Partners >
        • Endorsements
        • Financial Information
  • Invest
    • Donate Securely
    • Virtual Baby Bottle
  • Get Involved
    • Events >
      • TreasureLife >
        • TreasureLifeDonate
      • Life-A-Thon 5/8/2021
    • Participate >
      • Volunteer
      • Churches and Schools >
        • Church & School Partners >
          • Church Partner Resources >
            • Sanctity of Life Resources
        • Offering Envelopes
        • Speakers & Education >
          • Healthy Choices
  • Get Informed
    • Blog
    • Get Email Updates
    • Newsletter >
      • Print Newsletter Opt-in
    • Links >
      • Client Links
    • FAQs
    • Employment Opportunities