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An individual age 70½ or older with an Individual Retirement Account (IRA) may contribute up to $100,000 total annual from that account to a qualified nonprofit ministry, like Asian Access.

Why might this be beneficial to the individual?

  • Starting at 70½, individuals must begin taking distributions from their IRA’s, which could put them in a significantly higher tax bracket. A Charitable Contribution reduces the required distribution by the amount of the gift, avoiding higher income and possibly higher taxes.
  • If an individual takes the distribution as taxable income and then donates the same amount to a ministry, the amount they can deduct from taxes will be limited to 60% of adjusted gross income (AGI), which is now higher because of the IRA distribution, potentially causing a high tax bill. Even though the remaining gift deduction can be carried over to future years, the deduction will likely not be as valuable.
  • If an individual takes the distribution as taxable income, the increased (AGI) will also increase the amount of medical and miscellaneous expenses that cannot be deducted from taxes because of the percentage of AGI floor on these types of expenses.

What are the requirements for making an IRA Charitable Contribution?

  • The IRA owner must be 70½ or older.
  • The contribution must be made from a traditional IRA or Roth IRA (though it probably won’t be beneficial to contribute from the latter).
  • The contribution must be made directly from the IRA to the ministry. It cannot be distributed to the IRA owner first.
  • The contribution must be made to a qualified charity. Most nonprofit ministries qualify. But contributions cannot be made to private foundations, donor-advised funds, or supporting organizations. Asian Access qualifies.
  • Both husband and wife can donate up to $100,000 from each of their IRA’s each year or a total maximum of $200,000.

Keep in mind that since you are not receiving the distribution as income, this contribution from your IRA is not a tax-deductible gift.
To learn more, check with your tax adviser. This educational illustration is not professional tax or legal advice.

To learn more, check with your tax adviser. This educational illustration is not professional tax or legal advice.

 

Missio Nexus

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What they're saying...

Toshio Maehara
John Pearson
Dan Busby
Hugh O. McClellan
Rob Martin

Toshio Maehara

"As a Japanese businessman living in the U.S., I was reluctant to accept an invitation to join the Board of Directors of Asian Access. My schedule was so full, and I feel my English is not so great. However, when I met the staff and the missionaries, and when I first visited with other Board members, somehow I just couldn't refuse their invitation. My friends in Japan who are pastors and businessmen tell me how much they appreciate Asian Access missionaries and staff. They often tell me, 'they are people who give themselves unselfishly to the cause of Christ in Japan.' As a Japanese, I feel challenged by the men and women of Asian Access to do more for my own country. I am proud to be a supporter and a member of the Board of a mission like Asian Access."

Rev.Toshio MaeharaToshio Maehara
President, Maehara and Associates and 

Asian Access Board Member

John Pearson

"You can sense the energy and optimism of a ministry by visiting its website and meeting the key leaders. But…to know the heart and heartbeat of the ministry, get acquainted with their board members. As the board goes, so goes the ministry. So I’m delighted to say—based on up-close and personal observations and interactions—I know that Asian Access is led by God-honoring board members who care deeply about the Gospel and the Great Commission. And as stewards of the ministry, the board ensures that Asian Access continues to meet or exceed the rigorous accreditation, integrity, and transparency requirements of the Evangelical Council for Financial Accountability (ECFA)."

pearson john 75pxJohn Pearson,
Board Governance & Management Consultant,

Author, Mastering the Management Bucket 

Dan Busby

"Asian Access is a charter member of ECFA, having been a member for 39 years. ECFA is privileged to accredit this significant ministry as it develops leaders, growing and reproducing churches throughout Asia. We congratulate Asian Access on reaching the significant milestone of 50 years in ministry. May God continue to bless you as you advance God's kingdom."

Mr. Dan Busbybusby dan ecfa 75px
President, ECFA (Evangelical Council for Financial Accountability)

 

  

 

Hugh O. Maclellan

"I have full confidence in Asian Access as their track record for developing leaders is strong and impressive. Their successful church multiplication model has impacted thousands of lives worldwide."

hugh m 75pxHugh O. Maclellan, Jr.Chairman of the Board
The Maclellan Foundation, Inc.

Rob Martin

"If you want to change a country through strengthening the church, look at Asian Access. They do it right!"

rob martin 75pxRob Martin
Former Executive Director, First Fruit, Inc.

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Asian Access

changing the few who change the many


PO Box 3307  Cerritos, California 90703 USA

email:  info @ asianaccess.org
phone:  (626) 914-8990
web:  asianaccess.org

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