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?
Online Donation direct from IRA (age 70 1/2 donation)
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kc0am
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Mikerowaved
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Re: Online Donation direct from IRA (age 70 1/2 donation)
I think this will have the information you're looking for...
Charitable IRA Rollover Permanently Extended
Charitable IRA Rollover Permanently Extended
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russellhltn
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Re: Online Donation direct from IRA (age 70 1/2 donation)
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.
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 Help Center? Try doing a Google search and adding "site:churchofjesuschrist.org/help" to the search criteria.
So we can better help you, please edit your Profile to include your general location.
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lajackson
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Re: Online Donation direct from IRA (age 70 1/2 donation)
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.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?
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rb_bolin
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Re: Online Donation direct from IRA (age 70 1/2 donation)
You said:
How?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.
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lajackson
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