Search
-
Our ministry here at Saints Mary & Mathias is possible because of the faithful support of our parishioners and donors. As 2022 draws to a close, we want to take a moment to thank you for your continued support, and to remind you about end of the year giving. This year, we invite you to support our mission and we ask you to please prayerfully consider making your holiday or year-end gift to Saints Mary & Mathias. In order to receive credit for a gift to the parish for the 2022 tax year, gifts must be received in the parish office or postmarked by December 31, 2022.
Gifts of stock are always appreciated, and there are significant tax benefits available to those who give appreciated stock held longer than a year. Those who choose to donate stock are generally entitled to a tax deduction based on the full fair market value of the stock at the time the gift is made, not just the original cost. Additionally, donors do not incur any capital gains tax when stock is given away rather than sold. If you are considering a gift of stock for 2022, please begin the process by December 12 if possible. Most transactions take only a few days to process, but some can take a few weeks to pass through the process.
Please contact Michael Hagerty of Financial Partners of Muscatine at (563) 263-7771 or email him at [email protected] for the necessary stock gift account numbers. You can also contact Nicholas Hays at [email protected]
The IRA Qualified Charitable Distribution (QCD) is another popular, tax-favored option for making donations. If you are 70 1/2 or older, you may direct distributions from your IRA to qualified charities without including them in your taxable income. To make a transfer of assets as a charitable gift from your IRA, which can be used to meet your RMD requirement, and qualify for tax relief:
· The distribution must be made from a traditional IRA and other Qualified Plans. Contact your IRA custodian to begin the process.
· The IRA owner must be 70 1/2 or older
· The distribution must be paid directly from the IRA custodian to the parish. Please request that the distribution includes your name.
· The total charitable distributions cannot exceed $100,000 per year, per donor.
We always recommend that you seek professional advice in these matters. However, if you have any questions you may contact our Business Manager, Don Krings, at 263-3264 or [email protected]
