Charitable Tax Incentive
As you know, we are well underway with our Capital Campaign, “Catholic Strong.” We are already planning a first project and possibly a second as summer comes along. We also wanted to keep you up to date with any tax incentives for your donations as you are all aware that our tax laws are changing and could effect charitable giving. We have discovered one tax break that could be of help to some of you.
There is a tax incentive\break for those who have Traditional IRAs and are 70 and ½ years of age who are required to take distributions from their Traditional IRAs. When you withdraw from Traditional IRAs you must claim that money as income, however, if you instruct your brokerage\bank to send your distribution or whatever percentage you choose directly from the brokerage to your choice of charity you can deduct that from your total income. It must, however be directly from the brokerage, bank, etc., to the Charity and when the donation is made you must be 70 and ½ years old. If you receive the money first and then decide to donate it cannot be deducted.
How to do it: Contact your IRA provider and ask for its charitable-distribution form. This does not work with a 401k or with a Roth IRA. Here is a website that provides more information. https://money.usnews.com/…/how-to-donate-your-required-mini…
I thank John Bagley, a parishioner of ours who brought this to our attention.
Our finance council is looking into other incentives and possible tax helps with your contributions, the tax laws are changing in 2018 so we are doing all we can to help provide that information to you as you so generously continue to give to Holy Family. If you come across anything please share it with me so that our parishioners can be informed.
Again, thank you so much for your kindness, generosity, and love of our parish. I know that together we will reach our goal. With $892.000 dollars that will return to our parish we will secure a great future for our children and the generation that follows. God bless you, Fr John.