YEAR END GIVING
During this last quarter of 2021, individuals and couples examine their financial resources, deciding how to make an impact on ministries of a charitable organization they like to support.
Thank you for considering the Benedictine Mission House – Christ the King Priory and Saint Benedict Center as beneficiaries.
Congress has incentives in place how your IRA can be of help. Please consult with your financial advisor. Make a Required Minimum Distribution (RMD) work for you! Special legislation passed that there would be no RMDs in 2020. This year, the RMD is back for everyone age 72 years and older. Most people do not like to take money from their IRA. The preference is to let it grow and have funds available as needed. However, if you take the RMD, you pay income tax on that distribution.
The IRA Charitable Rollover is an Annual Break for your IRA
While you still must distribute money from your IRA if you are 72 or older, you can do it in a tax-advantage way. Talk with your IRA administrator to determine the best way. Instruct the financial institution to send your IRA donation to the Benedictine Mission House. Your full name and address should be provided so that a proper acknowledgement can be directed to you personally.
• You do not pay income tax on the distribution
• You receive gift acknowledgement for the full amount of the distribution
• You satisfy your RMD up to $100,000
• If you and your spouse have your own IRA, both of you can use the IRA charitable rollover
Do not consider this block post as legal advice since I am no lawyer nor do I claim to be an expert in tax issues. Always consult with the experts.
We Missionary Benedictines truly appreciate your friendship, prayer, and financial support whenever possible.
God’s choicest blessings!
Br. Tobias, OSB
Mission Procurator and Director of Development
Disclaimer: above information is based on legislative information provided by The NonProfit Alliance and the Office of Stewardship of the Archdiocese of Omaha