Contributing appreciated securities to Catholic Charities is an ideal way to make a gift. If the security has been held for at least one year the donor may be eligible for an income tax deduction of the full market value. In addition, the donor may avoid any capital gain tax. Please consult your tax advisor for information regarding your own personal situation.
Electronic transfers of stock can be made by your broker directly to to Catholic Charities’s brokerage account. Please contact the Mike Donoghue at (203) 416-1370, or email [email protected] for account information and transfer instructions.
Charitable IRA Rollover
If you are 70½ years old or older, you can take advantage of a simple way to benefit Catholic Charities and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money.
Why Consider This Gift?
Your gift will be put to use today, allowing you to see the difference your donation is making.
You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
Life insurance can make a great gift. If you are carrying more insurance coverage than your family obligations now require, you may want to consider gifting an unneeded, paid-up policy. If you transfer all rights and incidents of ownership of your policy to Catholic Charities, you will be eligible for a charitable income tax deduction equal to the policy’s cash surrender value or cost basis, whichever is less. The insurance policy must be whole life, not term insurance. The value of your gift for gift crediting purposes will be the cash surrender value of your policy on the date of transfer.
For more information, contact Mike Donoghue at [email protected] or (203) 416-1370.