The Orthodox Christian Mission Center (OCMC) is pleased to make information available to you as a steward of all God has entrusted to your care. The current tax law might allow you to fulfill your current pledge or make an offering to the Orthodox Christian Mission Center that would make a significant difference. If you have been blessed to have reached 70 ½ years in age, you may be able to make a tax-free gift of up to $100,000 to the OCMC from your Individual Retirement Account (IRA).
- Many individuals 70 ½ or older are now able to donate up to $100,000 from an IRA distribution to the Orthodox Christian Mission Center (OCMC) without paying federal income tax on the withdrawal.
- The distribution (up to $100,000) will count toward satisfying the taxpayer’s minimum required distribution from the IRA.
- Gifts must be made directly from the IRA to the Orthodox Christian Mission Center by December 31, 2013.
- The distribution does not generate taxable income or a tax deduction. So even if you do not itemize your tax return, you – and worldwide Orthodox missions – still benefit.
- Be sure to keep documentation for the donation as you would substantiate any other gift to charity.
Note: The plan must be a traditional IRA or a Roth IRA; it cannot be an employer sponsored plan such as a SIMPLE IRA, a 401(k) or 403(b) plan or a simplified employment pension (“SEP”) plan. Not all states follow this Federal law. Do seek good counsel specific for your state from your tax advisor.
If you have any questions, or would like additional information, please contact:
Penny Petropoul, Major Gifts Officer
Phone: 877-GO-FORTH (463-6784), Ext. 160