Hard to believe, but the end of another year is fast approaching!
If you fall under the Required Minimum Distribution (RMD) mandate, you may wish to make a Qualified Charitable Distribution (QCD) from your Individual Retirement Account (IRA). The QCD can be given to your church or any nonprofit organization and allows you to fulfill your RMD requirements without incurring any tax liability. Some use a QCD to pay a portion or all of their tithe for the year. By employing this strategy, you are able to maximize your stewardship practice by minimizing your tax obligations and blessing your church or another nonprofit ministry simultaneously.
While the IRS does not allow a QCD from a 403(b)(9) plan, you can transfer a portion of your assets from our plan to an IRA and then utilize the QCD as prescribed. For more information about QCDs, checkout this article by our friends at the National Christian Foundation.
As we close 2024, the team at BMA Financial wishes you and your family a Merry Christmas and a joyous New Year!
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Steve Crawley, PhD
BMA Financial
Executive Director
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