Just a reminder: giving prior to December 31 can help maximize your impact to share the love of Christ and save on your taxes, too.
If you are age 70½ or older, you can transfer up to $100,000 from your traditional IRA to a qualified charity, like ChildHope, without adding a penny to your taxable income — while receiving tax benefits that don’t require you to itemize on your tax return!
This is possible when you make the donation as a qualified charitable distribution — with a direct transfer of the amount you choose from your IRA. If you are age 72 or older, this kind of gift also counts toward your required minimum distribution if you have one.
If you ACCEPT a distribution and then donate,
your tax liability increases
If you ASK your IRA custodian to make a QCD,
your tax liability decreases.
QCDs made directly to ministry satisfy the RMD
and reduce your taxable income.
When you donate appreciated stocks or property that you have held for more than 12 months, you will receive a tax deduction for the fair market value of the asset (up to 30% of your AGI), and you may also save on capital gains taxes — allowing you to give more to ChildHope than if you sold the property and donated the proceeds. The chart shows you how:
Example: Stock purchased at $2,000 —
Valued today at $20,000 — Gain: $18,000
• Donate stock through ChildHope = $20,000 for ministry
No capital gains tax on charitable donation of stock
• Sell stock and donate proceeds = $17,300 for ministry
$20,000 – $2,700 in capital gains tax*
You also are eligible to receive a charitable giving tax deduction for the full value of the appreciated stock!
*If stock is held for more than one year and donor is in the 15% capital gains tax bracket
And as always: any cash gift dated and postmarked by December 31 may apply toward this year’s taxes, too.
Thank you for remembering the children of Latin America and the Caribbean with your generosity and prayers today.
If you have questions or need more information about any of these options, please contact Regina Rogers at firstname.lastname@example.org or 1.800.289.7071 today.