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IRAs
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IRA Gift - A Special Opportunity for Those 70½ Years Old and Older
You can donate any amount (up to $105,000) this year from your IRA directly to a qualified charity, like your parish, without paying income taxes on the gift. Donations of $105,000 or less are eligible for this benefit, so you can feel good knowing you're making a positive impact at your parish. This popular giving option is known as the IRA charitable rollover, but it's also called a qualified charitable distribution (QCD).
Why Consider This Gift?
Immediate Impact: Your donation will be put to use right away, allowing you to see the difference it makes.
Tax Benefits: You won't pay income taxes on the gift, and it doesn't generate taxable income or a tax deduction. This is beneficial even if you don't itemize your deductions.
Minimum Distributions: If you're required to take minimum distributions, your gift can satisfy all or part of this obligation.
Income Reduction: Since the gift doesn't count as income, it can lower your annual income level, potentially reducing your Medicare premiums and the amount of Social Security subject to tax.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.
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