2014 IRA Gift Opportunity

The Tax Increase Prevention Act of 2014 extends various tax provisions, including one that allows owners of individual retirement accounts (IRAs) to make rollovers up to $100,000 this year from their plans to qualified nonprofits, including Lutheran Hour Ministries (LHM). This gift giving opportunity provides you with an excellent opportunity to make a special gift to Lutheran Hour Ministries and, at the same time, lower your taxable income for 2014. Gifts made by December 31, 2014 qualify for the 2014 tax year.

Important Guidelines

  • You can only make gifts under the new law in 2014.

  • To take advantage of the gift opportunity, do not take a distribution and then make a gift. You must complete a gift to LHM by providing your IRA administrator with a letter of request for a charitable rollover from your IRA. LHM can provide you with a sample letter and directions (below) for submitting your request. A copy of your request letter should also be sent to LHM so that your gift can be properly credited.

  • The annual gift limit is $100,000 to all charities per person, per IRA.

  • " You must be 70½ by the gift date to be eligible for the IRA gift opportunity.

  • The rollover gift will not be included in your income for income tax purposes. And the rollover gift is not tax deductible.

  • Most gifts are tax-free. Please contact your tax advisor to confirm.

  • The rollover gift is not considered part of your 50 percent adjusted gross income (AGI) charitable deductions for the year.

  • The new rules apply only to outright lifetime transfers from IRA owners and are not applicable to transfers after the owner's death.

  • If there is more than 10 years' difference between you and your spouse, different rules apply. Please contact us for more information.

If you have already made a qualifying gift in 2014, contact your advisor to make sure your gift is properly reported on your 2014 income tax returns. For additional information or for a sample copy of an IRA Rollover Request Letter, please contact Lutheran Hour Ministries' Ministry Advancement Officers at 1-877-333-1963 or send an e-mail to lhm-gift@lhm.org, or you can download them below:

2014 IRA Rollover Request Letter

These materials do not constitute tax or legal advice and are offered for illustration purposes only. You are always encouraged to consult your own financial or legal advisor.

For more information on IRA beneficiary designations, click here or call 1-877-333-1963.