Giving from Your 401k or IRA Retirement Plan.
HOW IT WORKS:
Name or designate (read section below) First Presbyterian Church of Honolulu as a beneficiary of your IRA, 401(k), or other qualified retirement plan.
Pass the balance of your retirement assets to the church by contacting your plan administrator.
Important! Tell the church about your gift. Your plan administrator is not obligated to notify us, so if you don't tell us, we may not know.
BENEFITS:
Avoid the potential double taxation your retirement savings would face if you designated these savings to your heirs.
Continue to take regular lifetime withdrawals.
Maintain flexibility to change designation if your family's needs change during your lifetime.
70 ½ OR OLDER? MAKE A “TAX-FREE” GIFT THROUGH YOUR IRA
The Qualified Charitable Distribution (QCD) is an excellent way to show your support for First Presbyterian Church of Honolulu and receive tax benefits in return. As you plan your required minimum distributions (RMD), consider using your IRA account to make the most of your charitable giving. You receive a tax benefit even if you take the standard deduction!
It's important to consider your tax situation before deciding whether to make a charitable contribution from your IRA. Be sure to share this gift plan with your financial advisor.