Tax Benefits for Giving
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Tax Benefits for Contributions to
St. Bernard’sAre you required to take distributions from your IRA accounts? A QCD (Qualified Charitable Donation) to St. Bernard can provide several potential benefits. It may be a suitable giving strategy for donors who:
· Are required to take a minimum distribution from an IRA, but don’t need the funds and would face increased tax liabilities if they took the distribution as income.
· Would like to reduce the balance in an IRA to lower future required minimum distributions.
Would like to make a larger charitable gift than they could if they simply donated cash.
Talk to your tax advisor for advice on how a donation to St. Bernard can help you. If you have any questions, please talk to Jenny Meehan, our business manager.
MORE INFORMATION FROM THE DIOCESE OF JOLIET:
DAF: Your Amazing Charitable Savings Account
What if you could…- Give yourself more time to be thoughtful about your giving?
- Harness the market to enhance your charitable donations?
- End the hassle of keeping a pile of donation receipts for tax purposes?
A DAF is like a charitable savings or investment account. You establish your fund with a DAF administrator using cash, appreciated securities or even complex assets like real estate or business interests. Many donors set up a DAF at their local community foundation or open an account online with a large financial services organization.
After you fund your DAF, you can recommend one-time or ongoing grants from the fund to a qualified nonprofit, such as St. Bernard Parish.
The Benefits- You can take your time and make thoughtful grants to the causes you love most. You qualify for an income tax charitable deduction in the year you transfer money (or other assets) into the fund—regardless of when you recommend the grant. That means you can contribute money to your DAF and take the deduction this year, then take your time deciding where your grants will eventually go.
- You will harness the potential of the market to grow your giving. Your DAF contributions are invested in the market, so there’s a good chance (but no guarantees, of course) that they will grow in value while in the fund. That’s extra money you can use to support places and causes you’re passionate about.
- You won’t have to deal with all those receipts. You don’t have to track individual contributions, no matter if you fund one cause or 100 using your DAF. You will receive a single tax document each year, making record-keeping a breeze.
BONUS BENEFIT: You can also make St. Bernard Parish the beneficiary of your DAF. That way, whatever is left in the fund after your lifetime goes toward our mission.
Discover the Power of DAFs
Whether you make your gift to the Parish today or after your lifetime, your gift matters. Please get in touch with Jane Lagger at (815) 221-6190 or [email protected] to discuss your plans.
Today or Later, Your IRA Can Make a Difference
An IRA is a great way to save for retirement: Make a contribution and enjoy tax savings. Eventually, though, the tax bill comes due—when you take your annual distributions and again when you leave your assets to heirs. If you want to avoid the tax bite and make an impact on our mission, consider a gift to the Diocese of Joliet.
Make Your Gift Today
If you’re 70½ or older, you can make a tax-free gift (up to the maximum allowed per year by law) to St. Bernard Parish. Benefits include:- See the difference you’re making today.
- Pay no income taxes on the gift. The transfer doesn’t generate taxable income or a tax deduction.
Maximize Your Impact Later
You can name St. Bernard as a beneficiary of your retirement account. This is a great option for extending support from your IRA beyond your lifetime. It costs you nothing today.
Here’s how:- Contact your IRA administrator for a change-of-beneficiary form, or simply download a form from your provider’s website.
- Name St. Bernard - Homer Glen and the gift percentage on the form.
- Let us know about your plans so we can thank you.
We Can Help
Whether you make a difference at our organization today or after your lifetime, your gift matters. Please contact Jane Lagger at (815) 221-6190 or [email protected] to discuss your plans.