In order to make a charitable gift in 2018 for Federal Income Tax purposes, you must make your gift before December 31, 2018. There are many ways to make a charitable gift to a qualified organization, such as the ST. BENEDICT CENTER, and we have summarized two (2) tax advantaged options below.
The Charitable IRA Rollover
For those aged 70 ½ or older, it is once again possible to make tax-favored charitable gifts from traditional IRA accounts.
In the Protect Americans From Tax Hikes Act of 2015, the charitable IRA rollover provision was made permanent. Under the charitable IRA Rollover provision, a total of up to $100,000 can be transferred directly from traditional IRAs to one or more qualified charities, such as the St. Benedict Center. A distribution made to a qualified charity under the charitable IRA rollover procedure will not be included in the donor’s taxable income for the year 2018. It is important to note that the donation is also not deductible as a charitable contribution as part of the donor’s itemized deductions.
To make such gifts, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA. Check with us, your IRA administrator or your tax advisor for more 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., at 402.352.8819 Ext 356, or email him at firstname.lastname@example.org, 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.