Online Donation direct from IRA (age 70 1/2 donation)

Discussions about the Online Donation system.
kc0am
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Online Donation direct from IRA (age 70 1/2 donation)

Postby kc0am » Thu Dec 31, 2015 10:50 am

At age 70 1/2 IRA holders can transfer a certain amount directly from the IRA (bank and IRA administrator) to any charitable organization tax free so is this direct transfer available using the Online Donation system--the bank thinks not--that check payable directly to the Church (ward) from the IRA Distributor is necessary.

Does anyone have any more information on this process?

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Mikerowaved
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Re: Online Donation direct from IRA (age 70 1/2 donation)

Postby Mikerowaved » Thu Dec 31, 2015 11:22 am

I think this will have the information you're looking for...

Charitable IRA Rollover Permanently Extended
So we can better help you, please edit your Profile to include your general location.

russellhltn
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Re: Online Donation direct from IRA (age 70 1/2 donation)

Postby russellhltn » Thu Dec 31, 2015 11:29 am

Can you clarify the question? I'm reading this as you wan to use the on-line donation to do a direct transfer, but something is preventing you from doing the direct transfer.

First, the on-line donation is only against a checking or savings accounts. I'm not sure as it would work against an IRA account.

Secondly, for tax purposes, the IRA distributer probably needs to be sure of the identity of who is receiving the funds (a chartable organization). A check provides some assurance of that. I'm not sure as the ACH system that the on-line donation system uses provides that.
Have you searched the Wiki?
Try using a Google search by adding "site:tech.lds.org/wiki" to the search criteria.

lajackson
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Re: Online Donation direct from IRA (age 70 1/2 donation)

Postby lajackson » Thu Dec 31, 2015 3:26 pm

kc0am wrote:At age 70 1/2 IRA holders can transfer a certain amount directly from the IRA (bank and IRA administrator) to any charitable organization tax free so is this direct transfer available using the Online Donation system--the bank thinks not--that check payable directly to the Church (ward) from the IRA Distributor is necessary.

Does anyone have any more information on this process?

You cannot do this through the regular Online Donations system. Contact the Finance Department at Church headquarters for information on how to set up the transfer. Local Unit Support can connect you.

rb_bolin
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Re: Online Donation direct from IRA (age 70 1/2 donation)

Postby rb_bolin » Wed Nov 30, 2016 2:35 pm

You said:
lajackson wrote:You cannot do this through the regular Online Donations system. Contact the Finance Department at Church headquarters for information on how to set up the transfer. Local Unit Support can connect you.

How?

lajackson
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Re: Online Donation direct from IRA (age 70 1/2 donation)

Postby lajackson » Wed Nov 30, 2016 3:08 pm

rb_bolin wrote:How?

The Wiki suggests you email donations@ldschurch.org or call 801.240.2554


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