Spirit of Giving
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December 8, 2019
The Maybelle Clark Macdonald Fund has been investing in people and helping improve communities for more than forty years. Founded in 1970, the private, grant-making foundation is committed to assisting organizations in achieving sustainability of programs and services through increasing their fundraising capacities.
Year-End Giving and Tax Planning
If you are 70.5 or older, IRS rules require you to take required minimum distributions (RMDs) each year from your tax-deferred retirement accounts. This additional income is taxable even if you later offset that income with a charitable contribution and may push you into a higher tax bracket, reducing your eligibility for certain tax credits and deductions.
DID YOU KNOW ?
There is a way to reduce or eliminate taxes while satisfying the RMD requirement---You can instruct your IRA custodian to transfer directly to a qualified charity (Saints Peter and Paul Church is a qualified charity) and up to $100,000 of this distribution (a QCD) can be counted towards satisfying your RMD for the year and can also be excluded from your taxable income. Even if you claim standard deduction in a given year and do not itemize, QCD gives you the tax benefit of not having to pay taxes on what would otherwise be payable on a regular RMD.
Please talk to your tax advisor about your specific situation. We hope you would keep Sts. Peter and Paul in your considerations when deciding on your taxable income. MAHALO NUI LOA!
Questions? Contact Wendy at our Parish Office 808-385-7729 or email: [email protected]
TO MAKE A DONATION ONLINE, CLICK ON THE ONLINE GIVING BUTTON BELOW.
All checks can be made payable to: Sts. Peter and Paul Church
Memo Line: Shaping the Future
Donation envelopes can be found at our blue kiosk tables.
Please mail or drop off your donation to our parish office or place in our collection basket.