Additional ways to support Open the Bible
Reduce Your Taxable Income
With an IRA charitable rollover gift, you can help the ministry of Open the Bible and enjoy valuable tax and income benefits. If you are 70½ or older, you can rollover up to $100,000 from your IRA to charity without paying federal income tax.
Lower Your Social Security Tax
Reducing your taxable income with an IRA rollover gift may also reduce the tax due on your social security payments.
Avoid IRS Tax Limits
IRA rollover gifts may be made over and above the normal cash gift limit.
As you may know, once you are 73, you must take Required Minimum Distributions (RMDs) from many IRA accounts. Gifting from these (up to $100,000 per year) is an excellent way to fund the gospel going forward through Open the Bible. You can designate and direct your RMD as a gift to Open the Bible which allows you to exclude the amount of the gift up to $100,000 from your adjusted gross income thus reducing your tax liability in the same ways as noted above.
Donating stock or mutual funds directly to Open the Bible may allow for a federal tax deduction for the full value of the asset while avoiding capital gains taxes on any unrecognized gains. Contact us for a form you can provide your investment advisor to complete the donation.
These two versatile giving tools can be used to help fulfill your philanthropic objectives and may help avoid capital gains on the sale of assets by transferring the assets (stocks and/or mutual funds) into the CRT or DAF, then donating to Open the Bible directly from either the CRT or DAF. Until the funds are donated, they can continue to be invested taking advantage of investment growth opportunities.
Some assets are easier to give to ministry and don’t require a visit to your attorney to draft a will or trust. For example, you can name Open the Bible as a beneficiary of your retirement plan (IRA or 401k), investment account, or life insurance policy. Many plan administrators and financial services companies include forms online, which makes it easy for you to complete a change of beneficiary.
A charitable bequest is one of the easiest gifts to make. It permits you to leave a lasting legacy and often provides valuable tax savings. A bequest is made through your will or trust to establish your wishes today without relinquishing needed assets during your lifetime. You can create a bequest of any dollar amount, gift specific property, or designate a percentage of your estate in your will or trust plan. Contact us to request sample language that your attorney may use in drafting a bequest to Open the Bible.
A charitable bequest is an easy way for you to sustain the ministry of Open the Bible in our work. Here are some of the benefits:
- It costs you nothing today to make a bequest.
- A bequest is free of federal estate tax.
- Your bequest can be changed down the road.
- You can still benefit your heirs with specific gifts.
- You can leave a legacy of generosity through a bequest.
If you have any questions, please call 877-OPEN-365 or visit our contact page to send us a message. Again, we are so grateful for your support of Open the Bible.