IRA Rollover
Planned Giving
Make a tax-free contribution directly from your retirement account to LMM. An IRA charitable rollover, also known as a Qualified Charitable Distribution (QCD), allows individuals aged 70½ or older to donate up to $105,000 (starting in 2024) annually from their Individual Retirement Account (IRA) directly to a qualified nonprofit like LMM. If you are aged 73 or older this gift can satisfy your Required Minimum Distribution.
Benefits of an IRA Rollover
- Immediate Impact: Your gift helps LMM continue its vital programs and services right away.
- Tax Advantages:
– Avoid taxes on transfers from your IRA directly to LMM. (up to $105,000 in 2024)
– Reduce your taxable income, even if you do not itemize deductions.
– Not subject to deduction limits on charitable gifts.
- Count Toward RMD: Satisfy your required minimum distribution (RMD) for the year while supporting LMM’s mission.
How to start an IRA Rollover
- Contact your IRA custodian to request a direct transfer to Lutheran Metropolitan Ministry.
- Provide the following:
- LMM’s legal name – Lutheran Metropolitan Ministry.
- Tax ID number: 34-043756
- Mailing address – 4515 Superior Ave, Cleveland, OH 44103
- Notify LMM if your donation is used for a specific purpose.
*Please note that IRA Charitable Rollover Gifts do not qualify for a charitable deduction.
