Other Ways of Giving
• Catholic Sharing Appeal.
Our parish goal is $26,575, and to date we have raised $24,620, which is 92%. The first 50% of our goal ($13,287.50) goes to the diocesan case for support. Everything over 50% is returned to our parish, including all donations made over goal. Since we are at 92% of our goal, we are getting everything above the initial $13,287.50. Also, these gifts are free from assessments to the Diocese.
• Stocks, mutal funds or real estate.
If you’ve owned securities for more than one year, you may deduct the full fair market value of the property. You also eliminate paying capital gains tax on the appreciation, thus reducing the out-pocket cost of your gift. This may be the most tax-wise method of giving to St. Leo.
• A gift of property requires a receipt with the date of the gift.
If the value of the gift is over $500.00 you will need to include form 8283 with your tax return. And if you want to deduct more than $5,000, you will need to obtain a qualified appraisal unless you have donated marketable securities.
Option 1- If you are between the ages of 59.5 and 70.5, you may begin taking money out of your IRA without a penalty. You’ll pay income tax on the amount you decide to withdraw, even if you use the money to make a gift to St. Leo Parish. If you itemize your tax deductions, you are eligible to take an income tax charitable deduction for the full value of the gift, reducing your overall tax bill.
Option 2 – If you are 70.5 or older. This is the age where you must begin taking the required minimum distribution from your IRA. If you don’t need this income for your day-to-day expenses and want to support St. Leo in s special way, you can make a contribution of up to $100,000 to our parish directly from your IRA. It’s an easy way to make a great impact. Contact your plan administrator for details.
Option 3- At any age: you can support us with your IRA regardless of your age or financial needs during retirement by naming St. Leo Parish as a beneficiary of the account. This costs you nothing today, and you retain complete control over your account during your lifetime. As a nonprofit organization, we do not have to pay income or estate taxes on the gift and can put 100 percent of your gift towards our mission.
The information above is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in the examples are for hypothetical purposes only and are subject to change. References to estate and income taxes included federal taxes only. State income/estate taxes or state law may impact your results.