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Hands of man and woman holding a heart together. Studio shot on a wooden background, view from above.

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Donations from IRAs 

Individuals who are 70 ½ years old are able to donate up to $100,000 to charitable organizations directly from their IRA, without that donation being counted as taxable income when it is withdrawn. To qualify, contributions must come from a traditional IRA or Roth IRA, and they must be made directly to a qualified charitable organization. like Catholic Charities. This qualified charitable distribution (QCD) counts toward your required minimum distribution (RMD). Even those who don’t itemize can reduce their taxable income by giving his way. QCD gifts must be cashed by the charity prior to December 31 to count towards your RMD. In order to ensure Catholic Charities has time to deposit your gift please get your gifts in well before year end.

Tax Benefits of Gifts of Appreciated Stocks

The stock market is near all-time highs. If you have stocks/bonds/securities held for at least 12 months you might consider making your charitable gift to Catholic Charities from appreciated securities before December 31st. The following table summarizes the differences to a donor who donates $10,000 in cash verses $10,000 in appreciated securities with a tax basis of $2,000. This example assumes the donor is in the 24% Federal Income Tax Bracket, 5.7% State Income Tax Bracket for Kansas, and 15% long-term capital gains tax bracket.

Example:

Donation Amount Income Tax Bracket* Tax Benefit Capital Gains Tax Avoided Total tax benefit
$10,000 Cash 29.7% combined $2,970 $0 $2,970
$10,000 Securities 29.7% combined $2,970 $1,200 $4,170

* This example is to be used for information/educational purposes only and should not be used as the single source to base tax and charitable donation decisions upon. Please consult with your tax advisor when making decisions pertaining to your specific situation.

Contact Gary Pratt if you have questions or need help with an IRA gift or if you want instructions for making a stock gift to Catholic Charities, [email protected], (913) 433-2007.

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