Taxes and Giving
Gifts of Cash
If you itemize your deductions, you may deduct your 2023 gifts of cash up to 60% of your contribution base, which is usually your adjusted gross income (AGI).
Gifts of Stock
If you have experienced substantial increases in the value of your investments, you may find that a 2023 gift of appreciated stock could be helpful. A gift of appreciated stock provides two benefits: 1) you may receive a charitable contribution deduction for the fair market value of the stock, and 2) the nonprofit is tax-exempt and therefore you are able to bypass tax on the capital gain. This type of gift is permitted for up to 30% of your AGI.
Gifts from your IRA
Option #1 — Charitable Gift Rollovers (Direct gift) — Eligible taxpayers (those over 70½ years of age) have a beneficial way to support their favorite, qualified charities, including Wider Church Ministries (WCM) and Division of Overseas Ministries (DOM) — the two fiscal entities that make up Global Ministries – through the Charitable IRA Rollover, which has been in effect permanently since 2015. These charitable gifts may fulfill all or a portion of the required minimum distributions (RMD) that are disbursed annually from your Individual Retirement Account (IRA).
If you are an IRA owner over the age of 70½, you can make charitable gifts directly from your IRA totaling up to $100,000 per year. These contributions will not be included in your adjusted taxable gross income for that year. Your IRA manager will be able to provide you with the paperwork.
Option #2 — Creating a Charitable Gift Annuity through an IRA Qualified Charitable Distribution (QCD) — Beginning January 1, 2023, an IRA owner at least age 70 ½ years old now can make a once in a lifetime, up to $50,000 in a single year, transfer for a charitable gift annuity. Amounts of less than $50,000 may be transferred during a year with the total limited to $50,000. Learn more about Charitable Gift Annuities.
If you are interested in making a gift to Global Ministries (Wider Church Ministries or Division of Overseas Ministries) through your IRA, please let Global Ministries know at email@example.com or (317) 713-2555 if you have any questions on this opportunity.