01 Dec Year End Gifts Help Dunk the Deficit
Thank you for supporting our Generosity Campaign to provide funds For Good Shepherd in 2019. We are grateful for the nearly 500 households who have agreed to be generous for next year. Now, we hope to erase the deficit we are facing in 2018 by the end of the year.
We already held a “Dunk the Deficit” fundraiser on Tuesday, November 27. But you can also help by considering Good Shepherd Lutheran Church in your end of the year giving plans. Below are some ideas to consider:
If you are over age 70 ½ and subject to required minimum distributions (RMD’s) from your IRA, you may be able to give them directly to Good Shepherd Lutheran Church. You can work with your financial institution to implement a Qualified Charitable Distribution (QCD). By distributing money from an IRA directly to an eligible charity, you avoid paying income tax on the distribution. QCDs count toward your required minimum distribution for the year. If you have to take RMDs but don’t really want or need the money, QCDs are a good way to distribute the minimum required amount out of the IRA and avoid the penalty. This rule applies only to traditional IRAs, not Roth IRAs.
If you own shares of stock that is traded on the US stock exchanges, have owned it for more than one year and it has appreciated since it was purchased, you may gift them to Good Shepherd Lutheran Church. The advantage here is any appreciation will not count as taxable income and you may receive a tax deduction based on its fair market value.
The new tax law nearly doubled the standard deduction for married taxpayers. People who may have itemized in the past may now fall short with the limit on state and local tax deductions. If you prepay all or a portion of your 2019 contributions in 2018, you get a tax deduction in 2018 and Good Shepherd will be in a much better financial position going into the year – a win-win!
With any tax planning strategy, please consult your tax and legal advisor. This is not intended to be tax or legal advice. Thank you for your generosity!