Consider a Qualified Charitable Donation (QCD) to fulfill your Required Miminum Distribution (RMD). Instead of taking the RMD as income, donate to St. Michael Parish. You could potentially minimize any increased liability, reduce the balance in an IRA to lower future RMDs, and give a larger gift, because AGI (Adjusted Gross Income) limits are not in effect for QCD.
Appreciated Securities
Consider making a gift of stock to St. Michael Parish.
Donate securities to charities like our parish, and you usually can take a tax deduction at the fair market value up to the amount allowed by the IRS. In addition, you may not have to pay the capital gains taxes you typically would pay if you sold the stock and then donated it. St. Michael Parish works with Davenport & Company to make this happen.
Explore what your donating impact would be to bunch your 2024 and 2025 donations together this year. You just might exceed your 2024 standard deduction and then be able to itemize! You could return to the standard deduction in 2025. This may open potential to lead to larger total deductions over two years than taking two years of straight standard deductions.
Important Note: Consult your tax adviser before making any major decisions that may impact your tax liability. This information is not to be taken as advise for financial or tax purposes.