Be a legacy builder!
Blessing the next generation…exploring your minimum Traditional IRA distribution options for year 2018.
Dear Legacy Builder,
Your consideration of financially supporting 12th Rock Ministries, as they passionately build the character and athletic skills of kids, is greatly appreciated. You can learn more about about how God is using this ministry to impact kids, and their families, in the Hudson Valley by taking a look at the IMPACT REPORT. Many lives have been impacted because of faithful financial support of individuals , businesses and churches.
Will you be a legacy builder and come alongside 12th Rock with your financial support?
The new 2018 tax laws encourage creative accounting to leverage the distribution of your hard- earned money invested in a Traditional IRA. The 2018 IRS standard deduction of $24,000.00, for a married couple filing jointly, makes it difficult to consider itemizing deductions as a way to shrink your taxable income. Blessing the next generation through financial support of 12th Rock Ministries (a 501c3 charitable organization), rather than the IRS, can be a viable option for lessening your tax bill.
The excerpt at the bottom of this page gives instructions for line 4a and 4b of the new 2018 IRS Form 1040, found on-line. This will help you review plans for your “MDR” distribution, before the end of year 2018. Your accountant can advise you, more professionally, to ensure that more of your distribution dollars will spiritually help shape the lives of the next generation. Just complete the enclosed form and mail it back to us.
Thank you for being willing to be a legacy builder for the next generation and financially supporting us as we share the Gospel with kids through the sports.
With sincere gratitude,
Greg & Mark
Co-founders of 12th Rock Ministries, Inc.
Excerpts from pages 28-29 of 2018 IRS Form 1040
If you have IRA distributions and/or pension and annuity payments, unlike in prior years when you entered these amounts on different lines, this year they will be combined and reported on the same line.
Unless otherwise noted on in the line 4a and 4b instructions, an IRA includes a traditional IRA, Roth IRA (including a myRA), simplified employee pension (SEP) IRA, and a savings incentive plan for employees (SIMPLE) IRA. Except as provided next, leave line 4a blank and enter the total distribution (from 1099-R, box 1) on line 4b.
If all or part of the distribution is a qualified charitable distribution (QCD), enter the total distribution on line 4a.
A QCD is a distribution made directly by the trustee of your IRA (other than an ongoing SEP or SIMPLE IRA) to an organization eligible to receive tax-deductible contributions (with certain exceptions). You must have been at least age 70 ½ when the distribution was made.