End of Year Giving

A Tax Break for St. Benedict Seniors Age 70.5 and Older - even if you don't itemize and can no longer deduct charitable donations.

Using funds from your IRA to contribute to St. Benedict Catholic Church will result in two big tax breaks. One is that the funds withdrawn from your IRA will not be taxed. The second big tax break is that any contributions from your IRA will count towards any minimum required distributions.

There are several requirements:

  • You must be age 70½ or older.
  • The maximum annual amount that can qualify is $100,000. If both spouses have IRAs, each spouse can contribute $100,000.
  • The funds must come out of your IRA by December 31.
  • The funds must go directly from the IRA custodian to St Benedict Catholic Church (ie. the check must be made payable to St Benedict Catholic Church).
  • The funds can come from your own IRA or one that you have inherited.

The funds from a 401k, or a SEP or SIMPLE IRA, will not qualify.

This tax break is available even if you do not itemize. For more information, contact your financial advisor.

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