Making Donations from an IRA

Discussions about the Online Donation system.
delongrp2
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Joined: Wed Jun 21, 2017 8:53 am

Making Donations from an IRA

Postby delongrp2 » Wed Jun 21, 2017 9:11 am

Now that I have turned 70.5 years old, I am required to take annual RMDs (required minimum distributions) from my IRA. If I pay my tithing (or make any other charitable contributions) from this account, there is no income tax on the amount distributed.

The IRA requires that I provide a routing number and account number of the receiving account. LDS donation requires that I supply the routing number and account number of the transmitting account.

How do I make this work? Certainly there are thousands of other people in the same situation as I.

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mfmohlma
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Location: Hillsboro, OR

Re: Making Donations from an IRA

Postby mfmohlma » Wed Jun 21, 2017 10:05 am


lajackson
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Re: Making Donations from an IRA

Postby lajackson » Wed Jun 21, 2017 1:07 pm

delongrp2 wrote:How do I make this work?

According to the instructions to which mfmohlma linked, the only way to do it is if the IRA issues a check and mails it to the Church. Definitely old school, and they may not wish to do it.

I suggest you contact the Donations Department and ask if they can receive the transfer of funds electronically. If enough folks ask, maybe they will have it going by the time I turn 70 and a half.


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