Tax-Favored Charitable Gifts
In order to make a charitable gift in 2023 for Federal Income Tax purposes, you must make your gift before December 31, 2023. There are many ways to make a charitable gift to a qualified organization, such as Saint Benedict Center, and we have summarized two (2) tax-advantaged options below.
IRA Charitable Rollover
The new law that U.S. Congress passed in December 2022, known as the Secure 2.0 Act, increases the age at which retirees must begin taking taxable IRA withdrawals to 73 in 2023, up from the previous 72.
If you are 73 or older and must make a required minimum distribution (RMD) from your IRA but don’t need the funds, Saint Benedict Center would be most grateful to receive a gift of part or all your RMD. These qualified charitable distributions are made by direct transfer and must be made by December 31 each year.
Benefits of an IRA charitable rollover
· Avoid taxes on transfers of up to $100,000 from your IRA to Saint Benedict Center
· Make a gift that is not subject to the deduction limits on charitable gifts
· Help further the work and mission of Saint Benedict Center
How an IRA charitable rollover gift works
· Contact your IRA plan administrator to make a gift from your IRA to Saint Benedict Center
· Your IRA funds will be directly transferred to Saint Benedict Center to help continue our important work
· Please note that IRA charitable rollover gifts do not qualify for charitable deduction
· Please ask you IRA plan administrator to include your full name and address with the gift information
Gifts of Stock
A gift of long term appreciated publicly traded stock may entitle the donor to an income tax charitable deduction for the fair market value of the stock on the effective date of the gift and also avoid capital gains tax. In many cases, it is more advantageous for a donor to donate the securities to a qualified organization than to sell the securities and donate the cash proceeds. However, we recommend that you consult your tax advisor for additional information.
To transfer stock to the Saint Benedict Center:
1. Instruct your broker to transfer shares of stock to the Saint Benedict Center using the following information:
Broker: Merrill Lynch, Pierce, Fenner & Smith Inc
Contact: James W. Ambrose II (402.496.5145)
Address: 13321 California St, Suite 200, Omaha, NE 68154
DTC Number: 8862
Account Number: 681-02547
Account Name: Saint Benedict Center
2. Contact Fr. Thomas Leitner O.S.B., Administrator of SBC, at 402.352.8819 Ext 356, or email him at frthomas@stbenedictcenter.com, to ensure the Saint Benedict Center is aware of your pending stock transfer.
Upon receipt of the transfer, we will issue a stock transfer receipt to you. The gift is valued as the fair market price of the stock. The fair market value, as defined by the IRS, is the average of the high and low prices of the stock on the date of the transfer.