Feasibilty Study for Parish Center development and parish improvements
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Required Minimum Distribution

Everyone over the age of 70½ must take a Required Minimum Distribution (RMD) from their IRA and 401k retirement accounts or face stiff penatlties from the government. 

Almost all of these folks also receive Social Security as well. The hidden fact is that all your RMD is considered "ordinary income" and therefore impacts the tax rate that is applied to your Social Security benefits...the higher your RMD, the higher your Social Security benefit becomes taxable income (up to 85% taxable at whatever your tax rate would be). Even donating money you directly receive from your RMD that your then send to a charity still counts as "ordinary income."

Since most seniors don't have regular salaries, even taking charitable deductions (where you write the check to the charity yourself) will not significantly impact your tax rate.  Having your RMD check sent directly to the charity eliminates these amounts as income, lowering your total "ordinary income" level and reducing the rate the government can assess on your Social Security benefit.

Simply direct your financial advisor or IRA/401k administrator to issue the amount you want to withdraw directly to the charity of your choice. The charity gets the check and you get the benefit of lowering your taxable income level. A number of your fellow parishioners already make this type of donation to our St Clare of Assisi Loan Repayment or Ordinary Income collecitons now. 


Our Employer Identification Number (EIN for the IRS Tax) is 35-2350848

Consult your financial advisor or retirement plan administrator to determine how you can take advantage of this "hidden benefit" yourself. 

IRA Charitable Rollovers

Find out more about these as well as calculators and tools by going to the Catholic Community Foundation website IRA page

Go Back to Memorial Gifts page 




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