To celebrate Scott Woolridge’s years of ministry in the Christian Church in Illinois and Wisconsin, the region will be hosting a virtual party on Sunday, December 6 from 2-4 p.m. Contact the office at 217-428-4336 or for the link.
Ways of Giving - Did you Know?
Are you thinking of making a donation to Central from your IRA this year? Even though the required minimum distribution has been waived for 2020, if you are age 72, or were 70 1/2 before January 1, 2020, you may do so without a withdrawal penalty. Are you aware you can avoid paying income tax on that withdrawal? It may sound too good to be true, but it’s not.
Here’s how - there is a provision within the Internal Revenue code known as the Qualified Charitable Distribution (QCD). If age requirements are met, you can make a gift directly from your traditional IRA account to a qualifying charity. The gift can be up to $100,000, but smaller amounts are also very meaningful. When you make such a gift from your IRA directly to a charity, you do not pay income tax on that withdrawal. However, if you choose to utilize itemized deductions, that QCD contribution cannot be included.
The Stewardship Team hopes you find this information helpful as you consider your giving strategy.