Retirement Assets are tax-deferred retirement accounts and include profit sharing, IRAs, 401(k), and 403(b). The Consolidated Appropriations act of 2016 allows donors 70 ½ or older to give funds to a qualified ministry tax-free up to a limit of $100,000. The Qualified Charitable Distribution (QCD) can be a tax-free transfer of Retirement funds to Sew Powerful. The QCD made from these accounts may be excluded from gross income, provided specific provisions are met. Such gifts may also satisfy the required minimum distributions (RMD) for the year when the QCD is made. Please consult with your Retirement Account Administrator for specific details. Once Sew Powerful receives your gift, you will receive a non-deductible gift acknowledgment to express our appreciation for your generosity.
Designating Sew Powerful as a death beneficiary on any retirement account also avoids taxes. Please consult with your Retirement Account Administrator on the process to complete this designation.