By Kate Tohal, MLC resource development counselor
A Minnesota District donor has been generously giving to Martin Luther College directly from her IRA, supporting the college she loves and reducing her tax burden as well.
Once a student and an organ instructor at DMLC, she knows how important it is to support the college that trains the much-needed teachers and pastors for our WELS schools and congregations. “How blessed the WELS is to have MLC,” she says, “a college that provides our students with such an excellent Christian education, whether they eventually become pastors, teachers, or lay people.
A special thanks to all the dedicated faculty and staff members. Obviously it takes a lot of money to support the operation of a quality school.”
She and her husband have been giving gifts to MLC for some time, even before they were eligible to use their IRAs. When they turned 70½, she simply checked with her investment firm and asked them to send the gifts from her IRA directly to MLC, thereby reducing the tax they pay and supporting the MLC students who are preparing for gospel ministry.
The charitable IRA rollover allows donors age 70½ or older to make transfers from a traditional IRA directly to a qualified public charity, such as Martin Luther College. The gift can count toward your required minimum distribution, and you can avoid paying taxes on it. The maximum annual contribution amount is $100,000 per person or $200,000 per couple.
If you’d like to know more about a charitable IRA rollover, please contact us.
Resource Development Counselor
Rev. Michael Otterstatter
VP for Mission Advancement
WELS Christian Giving Ministry
This feature was originally published in the MLC InFocus, Fall 2018 issue.