If you are over 70 1/2, and thus required to take a minimum distribution from your IRA, you can have some or all of that money sent directly to OCC, or any charity, and will thus not have to pay tax on that distribution?
Did You Know . . . there are other very beneficial ways to donate cash or appreciated investments to churches and other charitable organizations that take advantage of IRS rules.
- By “bunching” cash or investment donations, it could be easier to beat the Standard Deduction thresholds and allow for “Itemizing” deductions on tax returns.
- If appreciated stock or other long-term capital investments were donated, no one (neither the donor nor the church recipient) has to pay the long-term capital gains taxes.
- Donors can donate cash or investments to a Donor Advised Fund (DAF) and claim a tax deduction in the year that the donation is made, regardless of when the DAF actually distributes the cash or investments to the churches or other charitable organizations as advised/directed by the donor.
If you are interested in additional details, please contact the church office.
This information is intended to furnish general information and is provided for general guidance. It is not intended to serve as a substitute for legal, tax or other professional advice. You should consult with appropriate professional advisors for advice concerning specific tax or other matters.