QUALIFED CHARITIABE DISTRIBUTION GUIDELINES
GIVING FROM YOUR IRA ACCOUNT IS ONE OF THE SMARTEST WAYS TO MAKE A REAL IMPACT FOR ST. REGIS, OR YOUR FAVORITE MINISTRY!
WHAT YOU NEED TO KNOW ABOUT QUALIFED CHARITABLE GIVING
- What You Can Give. Contributions from Traditional IRA, Inherieted IRA, SEP IRA and Simple IRA.
- Age Requirement. You must be 70 1/2 years old or older when the distribution is made.
- Directly to the Charity. Distributions must be made directly from your IRA account to charity, St. Regis can provide you a Request Form.
- Professional Advice. Please consult with your tax or legal professional.
WHO BENEFITS FROM THIS TYPE OF GIVING?
- Individuals who take required minimum withdrawals and want to avoid paying tax on the distribution. Give your Required Minimum Distribution (RMD) directly to a qualified charity without having to report it as taxable income. Contact your IRA administrator to learn the amount of your RMD.
- Taxpayers who don’t itemize their deductions. An IRA charitable transfer most benefits the nearly two-thirds of Americans who do not itemize deductions on their tax returns and therefore do not receive a tax benefit for giving to charity.
- Itemizing taxpayers who’ve reached the charitable giving limit. Donors who itemize their taxes are prohibited from deducting more than 50 percent of their adjusted gross income as charitable donations. Donations from an IRA are excluded from this percentage limit, allowing individuals who have reached the 50 percent threshold to give more.
STEPS TO MAKE AN IRA GIFT:
____ Fill out request form to your IRA Administrator (Form available at St. Regis web site or call the parish office)
____ Designate unrestricted gifts to parish as: “St. John Francis Regis Catholic Church, Kansas City, Missouri”
____ Contact Laura Gray, Director of Planned Giving at 816-714-2363 or firstname.lastname@example.org
To learn more, please contact the Parish Office, and we can put you in touch with someone to answer your specific questions.