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There are many advantages to donating stocks and mutual funds as a method of giving to St. Stephen. If you have owned publicly traded or closely-held stocks for “more than one year,” they are considered appreciated assets and can be transferred directly to the church. In return, you as the donor receive an income tax deduction for the current fair market value of the stock regardless of what you originally paid for it. In addition, you avoid paying capital gains tax on the gift.
The maximum deduction you may take within a given tax year is 30 percent of your adjusted gross income and if you are unable to take the entire deduction in one year, you may carry the excess deduction forward for five additional years.
To complete the transfer of a gift of stock to St. Stephen the Martyr Catholic Church, the stock must be transferred (not sold) to St. Stephen’s brokerage account. To ensure proper posting and crediting of the stock transfer gift, it is very important for donors to contact the church at (402) 896-9675 in advance.
The IRA Charitable Rollover allows you to transfer any amount (up to $100,000) directly to St. Stephen the Martyr Catholic Church by instructing your retirement account custodian. This transfer can potentially fulfill your required minimum distribution while avoiding paying excess income taxes. If you are 70 ½ or older, you can use your individual retirement account (IRA) to support St. Stephen the Martyr Catholic Church and further its mission to be a community for all to encounter Christ, know Christ, and proclaim Christ.