As Catholics, we give with joyful hearts. In addition to giving our time and talent, we also offer our treasure. It is seen as a way to express gratitude to God, support the Church's mission and ministries, and help those in need. Your contributions impact the overall well-being of the church community and our outreach efforts.
Qualified charitable distributions allow eligible IRA owners up to $108,000 in tax-free gifts to charity
As you may be aware, many of us must take the minimum distributions from an individual retirement arrangement (IRA). If you are not aware, there is an option to reduce your income taxes by using the tax-free donations option (Qualified Charitable Distributions - QCDs). Please consider the following:
RMD Requirement: Individuals aged 70½ or older must take a minimum distribution from their traditional IRA each year. This amount is taxable income unless it is transferred to charity as a QCD.
QCDs: Starting at age 70½, IRA owners can transfer up to $108,000 to charity tax-free each year. This distribution counts toward the RMD requirement for the year.
Tax Benefits: QCDs can help reduce taxable income, avoid higher tax brackets, and potentially lower Social Security benefits that may be taxable.
Direct Transfer: QCDs must be made directly from the IRA to the charity, and they do not count as income for tax purposes. Discuss with your IRA trustee for details.
Your donation to Saint Patrick Parish would be considered a QCD and we would greatly appreciate your donation. For more detailed information, you can refer to the IRS guidelines, your IRA trustee, or consult with a tax professional.
This ARTICLE from Fidelity also explains QCDs.
Saint Patrick Parish's mission is to joyfully proclaim, share, and celebrate the love and mercy of Jesus Christ through Word, Sacraments, prayer, and ministry.
