2024 Increased Contribution Limits for IRA Gifts in the USA

If you are a US Resident 70 ½ or older, you can give to The Christian Reformed Church from your IRA and receive significant tax benefits in return. 

Benefits of giving from your IRA 

• Convenient. An easy way to give to the Christian Reformed Church! 

• Tax-wise. Charitable distributions reduce your taxable income. This benefits you even if you don’t itemize deductions on your tax returns! 

• Promises kept. Gifts from your IRA can be used to fulfill any charitable giving pledges previously made. 

• Impactful. Gifts are tax-free to the charity. The entirety of your gift will go toward ministry!

Requirements of a Qualified Charitable Distribution 

You can give to the CRCNA from your IRA without any federal tax liability, as long as the gifts are qualified charitable distributions (QCDs).

Distributions qualify for all or part of an IRA owner’s required minimum distribution (RMD). 

• IRA holders must be age 70 ½ or older at the time of the gift. 

• Give up to $105,000 per year.* 

• Distributions to donor-advised funds are not permissible. 

• Distributions may be made from IRAs including a traditional IRA, inherited IRA, SEP IRA (inactive) or simple IRA (inactive). Other retirement accounts are not eligible.

* As of January 2024.  Indexed for inflation annually (The lifetime maximum for giving from an IRA to fund a life income gift has also recently increased to $53,000)

Frequently Asked Questions

Q: Do I receive a deduction for my gift? 
A: No. Because the IRA assets haven’t been taxed, no deduction is allowed. To receive the deduction, you would be required to first treat the distribution as taxable income before taking the deduction. In most cases, it is better to not take the distribution as income. 

 Q: How do I make a gift from my IRA? 
A: Simply contact your IRA plan administrator, and request forms to make a charitable gift. Your administrator may even provide you checks you can write out for qualified charitable distributions directly from  your account. 

Q: Can I give from my IRA to fund a life income gift? 
A: Yes. As of January 2023, you can give a one-time qualified charitable distribution (or multiple QCDs within a single year) totaling no more than $53,000 to fund a life income gift.

Q: What’s my deadline for end-of-year giving? 
A: If your gift is coming directly from your IRA administrator, you must complete your paperwork in time for your administrator to send a check to the charity on or before December 31.  If you have been given an IRA checkbook, your check must be received AND PROCESSED by December 31. It is NOT enough that personal IRA checks are postmarked or even hand-delivered by December 31.  Bottom line, your gift must be received and processed by December 31 in order for it to  count toward your RMD. Since IRA checks do not include your name and look very similar to standard bank checks (which have different guidelines), it’s a good idea to alert us when giving in this manner.

This information is not intended as tax, legal or financial advice. Gift results may vary. Consult your financial advisor and legal counsel for information and advice specific to your situation.