A Tax-Saving Way to Help Your Diocese

by John Mark Willcox, Director of Stewardship & Development

See Your Generosity in Action
If you are 70½ years old or older, you can take advantage of a simple way to benefit the Diocese of Shreveport and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as the Church without having to pay income taxes on the money.
This law no longer has an expiration date so you are free to make annual gifts to support the mission of the Church this year and well into the future.

Why Consider This Gift?
•  Your gift will be put to use today, allowing you to see the difference your donation is making in the lives of the faithful of our region.

•  You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.

•  If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.

Frequently Asked Questions
Q. I’ve already named the Diocese of Shreveport as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
A.  By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.

Q. I’m turning age 70½ in a few months. Can I make this gift now?
A.  No. The legislation requires you to be age 70½ by the date you make the gift.

Q. I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
A.  Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to The Diocese of Shreveport.  To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

Q. Can my gift be used as my required minimum distribution under the law?
A.  Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.

Q. Do I need to give my entire IRA to be eligible for the tax benefits?
A.  No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

Q. My spouse and I would like to give more than $100,000. How can we do that?
A.  If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.

Remember that the diocese has a quality planned giving section of our website provided through The Stelter Company.  Visit that section of our website today at http://plannedgiving.dioshpt.org. It is wise to consult with your tax professionals if you are contemplating a charitable gift under the extended law. Please feel free to contact John Mark Willcox at 318-868-4441 or jwillcox@dioshpt.org with any questions you may have about supporting the work of the Church.

This article is not intended as legal or tax advice. For such matters, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change.  References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.  •

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