IRA Transfers

If you are age 70 ½ or older, you can transfer up to $100,000 each year directly from your traditional IRA account to the Potomac United Methodist Church.

This smarter way to give may satisfy a portion or all of your annual required minimum distribution (RMD) and serve as a qualified charitable distribution for your IRA, which can save you on taxes even if you do not itemize! Contact your plan custodian to complete the IRA transfer. Call Lora Sullivan at (301) 299-9383 if you need help. Potomac UMC's tax identification number (EIN) is 52-6051091.
 

Important notes on IRA Transfers:

This special way to give only applies to traditional or ROTH IRAs. Other retirement plans, such as the 401k, 403b and others do NOT qualify.

While The SECURE Act did change the required minimum distribution (RMD) age to 72 for those under 70 ½ as of December 31, 2019, it DOES NOT change the age eligibility for making a qualified charitable distribution (QCD) through an IRA. For those who are between 70 ½ and not yet 72, the QCD amount simply would not offset this year’s RMD because none are owed yet.

In 2021, IRA owners age 72 and older will resume their required minimum distribution (RMD) from IRAs. By exercising an IRA qualified charitable distribution (QCD), you may satisfy your RMD for the year and reduce reportable taxable income.

If your IRA custodian provides you with an IRA checkbook where you can directly write the check to Potomac United Methodist Church, please consider mailing the check no later than December 10. Due to different IRS requirements for this type of transfer, we need the necessary time to process your generous gift.