Other forms of Charitable Giving to our Capital Campaign
Pre-Income Tax Ways to Donate
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Qualified Charitable Distributions (QCD):
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If you are over 70 ½ by December 31, 2019, then you can make a qualified charitable distribution directly to Mercy Parish. This QCD reduces your taxable income from your IRA distribution for federal income taxes.
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Consult your tax advisor when determining the QCD amount.
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NOTE – THE SECURE ACT TOOK EFFECT JANUARY 1, 2020, and did not change the QCD age of 70 ½.
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PLEASE CONSULT YOUR TAX ADVISOR to determine exclusions from taxable income and income tax implications.
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Stock gifts: no age requirement
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Donating appreciated stock directly to Mercy Parish is a great way to not pay tax on the stock gain and get the full fair market value of the stock as a charitable donation.
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For Example: a share of Microsoft purchased at $20 that has appreciated to $150. Donating one share of stock will give you a charitable donation of $150 and save you taxes on the $130 gain.
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Other Ways to Give
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Bundling Annual Charitable donations
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Putting 2 years of donations in a single year to maximize itemized deductions given the current tax laws.
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For Example: With the current standard deduction per married couple, many individuals are bundling their charitable donations for 2 years into one. This enables them to maximize the tax deduction of their donations and itemize one year then use the standard deduction the next year.
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Building YOUR LEGACY at Mercy Parish
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Estate planning can offer many ways to ensure Your Legacy at Mercy Parish. Through a bequest, trust, life insurance, or numerous other ways, you can build a legacy of generosity. Seek professional guidance when planning Your Legacy.
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Funeral Planning
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When making funeral plans, request donations to be made to the Mercy Parish Capital Campaign in lieu of flowers.
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Capital Campaign gifts should be designated as “Capital Campaign”
Please consult your tax advisor/IRA administrator for professional guidance on charitable donations.
Informational purposes only.
Tax laws may change.
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Qualified Charitable Distributions
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals
https://www.irs.gov/pub/irs-pdf/p590b.pdf
IRS Publication 526 Charitable Contributions https://www.irs.gov/pub/irs-pdf/p526.pdf