Tax Smart Ways to Give
Grain Gift
If your elevator does not already have an account with Catholic Charities, contact us to set one up. Let us know you plan to transfer grain and use this form to share your harvest with families in need. The elevator will transfer your grain to Catholic Charities to sell. You will not receive income for the grain and thus will avoid income tax. You can also deduct the business cost of raising the grain and avoid paying self-employment tax.
IRA Distribution
IRA holders of the required age can transfer gifts directly to Catholic Charities and not pay taxes on the transaction. An IRA charitable contribution:
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Can satisfy the annual required minimum distribution requirement for your IRA.
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Generates neither taxable income nor a tax deduction so you benefit even if you do not itemize your tax deductions
You can also, with spousal consent, name Catholic Charites as a beneficiary of your IRA, up to $100,000. Contact your financial planner or tax advisor to begin the transfer process.
Donor Advised Fund
A Donor Advised Fund (DAF) offers a simple, flexible way to support Catholic Charities while enjoying potential tax benefits. You can contribute cash or appreciated assets to your fund, receive an immediate charitable tax deduction, and recommend grants to Catholic Charities and other qualified nonprofits over time. A DAF can also simplify recordkeeping by organizing your charitable giving in one place.
A Catholic Option for Establishing a DAF
Catholic Charities USA (CCUSA) offers a Donor Advised Fund that can be established with as little as $2,500 and is invested according to Catholic values. Through your CCUSA DAF, you will be able to recommend grants to Catholic Charities of the Diocese of Sioux City as well as other charitable organizations important to you.
Information contained here is not professional or legal advice. Consult a tax advisor or financial planner about your individual financial situation.
“I’d love to visit with you about these ways to support our mission to help God’s people in need.”
Amy Jones, Director of Marketing and Development
AJones@cathchar.com
712-252-4547
Catholic Charities of the Diocese of Sioux City
Address: 1601 Military Road, Sioux City, 51103
EIN: 42-0681062