STOCK DONATIONS: Donating appreciated stock is an efficient way to make a charitable gift. It’s easy, saving the donor from paying capital gains taxes. If you itemize your deductions, you are eligible to deduct the total fair market value of the stock up to IRS limits. With the stock market near all-time highs, utilizing appreciated stock for charitable gifting is worth considering. Effectively, you can contribute 20% more than if you sold the stock and paid capital gains taxes.
Please contact Deacon Mark in the parish office for information on the process for doing this [email protected].
FOR ALL PARISHIONERS 72 YEARS AND OLDER: Please remember that if you choose to make a charitable distribution from your traditional IRA account, St. Philip Neri and St. Clement are qualified to receive such distribution under applicable tax law. There are specific tax advantages for those over 72 years of age who choose to make these types of charitable donations. The donation must be made directly to the qualified charity, and St. Philip Neri or St. Clement will acknowledge each charitable donation in writing as required by tax law.
You should, of course, consult your tax adviser before making a federally tax-free charitable distribution from your IRA.
Please contact Deacon Mark in the parish office for information on the process for doing this [email protected].
FOR ALL PARISHIONERS 72 YEARS AND OLDER: Please remember that if you choose to make a charitable distribution from your traditional IRA account, St. Philip Neri and St. Clement are qualified to receive such distribution under applicable tax law. There are specific tax advantages for those over 72 years of age who choose to make these types of charitable donations. The donation must be made directly to the qualified charity, and St. Philip Neri or St. Clement will acknowledge each charitable donation in writing as required by tax law.
You should, of course, consult your tax adviser before making a federally tax-free charitable distribution from your IRA.