Give to Mary’s Pence from your wealth, not your paycheck.
STOCK GIFTS
If you are considering selling off long-term appreciated stock in order to make a donation, you may want to consider transferring the stock directly to Mary’s Pence instead. By transferring stock, you may be able to avoid tax on the gain. You or your broker can contact our Nadine Senhert at [email protected] or call (651) 788-9869 for the full information needed to make a stock transfer.
QUALIFIED CHARITABLE DISTRIBUTIONS
Mary’s Pence welcomes donations from Qualified Charitable Distributions (QCDs).
If you are 70 1⁄2 years old or older, you can donate up to $100,000 directly from your IRA annually. This Qualified Charitable Distribution (QCD) will be applied to your annual Required Minimum Distribution (RMD) and will not count towards your income for tax purposes. Note that although the SECURE Act increased the age requirement for RMDs to 73 years old—for individuals who turn 72 after 2022—QCDs from an IRA are still allowed at age 70 1⁄2.
To make a Qualified Charitable Distribution or gift to Mary’s Pence, please contact your IRA administrator. Here is a sample IRA letter you can send your administrator to initiate a rollover. Please also contact us when you direct the rollover so we can ensure proper acknowledgment.
This type of gift is beneficial to:
- Individuals who do not itemize deductions on their federal income taxes because the required minimum distribution will not be counted toward your income.
- Individuals who give large amounts to charity. QCD donations are not subject to annual charitable deduction limitations on federal income taxes. For more about those limitations please visit the IRS website.
DONOR ADVISED FUNDS
Giving from a Donor Advised Fund (DAF) is another great option to donate from your wealth. Your contributions (cash, securities or other assets) to a DAF have an immediate tax deduction. Any growth on your invested assets is tax-free. Donor Advised Funds are a popular way to give charitably, they are one of the easiest and tax-savvy ways of giving. You can direct your funds to Mary’s Pence anytime.