As we approach the end of the year, we wanted to remind you about a few avenues for giving that can increase how far your funds go and the impact they can have. You can give to Missionary Ventures through appreciated stocks, mutual funds, and other securities that you have held for more than one year. This method of giving allows you to reduce your tax liability for 2023 by claiming a charitable income tax deduction (if you itemize deductions), generally in the amount of the fair market value of the securities given. Giving securities that have appreciated is especially beneficial because, unlike individuals that must pay capital gains tax when selling appreciated securities, the ministry can generally sell these gifted securities without paying any tax, thereby maximizing the benefit these assets can provide for Missionary Ventures.
For individuals 70½ and older, there is also an opportunity to give through your individual retirement account (“IRA”). You can instruct your IRA plan administrator to distribute up to $100,000 from your traditional IRA account directly to a qualifying charity, such as MVI, generally allowing you to forgo paying income tax on the amount that you have directed to charity. Additionally, for individuals 73 and older who are retired, amounts distributed directly to Missionary Ventures count toward your annual required minimum distribution (“RMD”). This opportunity provides a great way to reduce taxes while benefitting MVI.
If you are interested in giving to MVI from your traditional IRA account, you can do this by contacting your IRA account administrator. To gain further insight on how the tax benefits of charitable giving may benefit you specifically, we encourage you to seek the advice of your tax advisors.
Thank you for your generous support.