Turn your IRA into tax-free Bibles.
For a limited time, the IRS is allowing select individuals to make tax-free gifts from their Individual Retirement Account (IRA). Prior to a recent change in the law, if you used your IRA to make a charitable gift, that transaction increased your taxable income. If you are over 70-1/2, your required minimum distribution was also taxable. But thanks to the Pension Protection Act of 2006, you can now use your Individual Retirement Account to fund the work of Bible translation, linguistics and literacy training through the Wycliffe family of organizations.
How it works:
IRA owner must be 70-1/2 or older at the time of the gift
Direct transfer from IRA to a Wycliffe organization
Results in no increase in income
Gift value up to $100,000
Satisfies required minimum distribution
How it benefits you and Wycliffe:
Decreases your taxable income
Allows for additional gifts beyone 50% Adjusted Gross Income limit and the standard deduction
Increases your annual gift
Gifts can be used to fund Missionary Support Plans or other projects
Increases eternal impact
Since the PPA of 2006 and the IRA rollover provision are set to expire on December 31, 2007, take advantage of this unique opportunity while you still can.
If you do not qualify for this opportunity, there are other ways to maximize your IRA. Since most IRA assets are paid out at the time of death, it is likely that your adult children or someone other than your spouse will have to pay income tax on these funds. You can avoid this tax by naming Wycliffe USA, GIAL, JAARS, The Seed Company or SIL as a beneficiary of this account. You can then pass along non-taxable assets to your family. As a result, everyone wins, including those people who are still waiting for their own copy of God's Word in their own heart language.
IRA and other qualified retirement plans
Naming the Wycliffe Foundation as a beneficiary on your IRA,
401 (k), 403 (b) or other qualified retirement plan transfers the proceeds of the plan, tax-free, to the Wycliffe-affiliated organization of your choice, allowing the full amount to benefit Bible translation efforts. If you name family members as beneficiaries, they incur income taxes and, in larger estates, may also incur estate taxes.
Life insurance
Naming the Wycliffe Foundation as the beneficiary or contingent beneficiary transfers all or part of your life insurance policy to support the work of Bible translation. As the contingent beneficiary, the Foundation receives the funds only if you outlive the primary beneficiary. If you no longer need the policy, you may donate it. You receive an income tax deduction for some or all of the cash value of the policy.
Choose which organization to support
Naming the Wycliffe Foundation as the beneficiary on your retirement plan or life insurance policy allows you to support the Wycliffe organization, project or missionary of your choice. Is your heart committed to students? Designate the gift to support scholarships for future translators at GIAL. Have a passion for planes? Maybe you'd like to designate your gift to support the KODIAK Project with JAARS. Or, maybe you just want God's Word in the hands of those who patiently wait to hear Him speak their language, and you'd like to use your gift where it's needed most.
Call toll-free (866) 379-7746 or e-mail
today for more information about directly transferring a portion of your retirement plan or life insurance policy to support Bible translation efforts. Or, directly contact a Wycliffe Foundation gift planning associate in your area.
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