If your elevator does not already have an account with Catholic Charities, contact us to set one up. Let us know you plan to transfer grain and use this form to share your harvest with families in need. The elevator will transfer your grain to Catholic Charities to sell. You will not receive income for the grain and thus will avoid income tax. You can also deduct the business cost of raising the grain and avoid paying self-employment tax.
- Can satisfy the annual required minimum distribution requirement for your IRA.
- Generates neither taxable income nor a tax deduction so you benefit even if you do not itemize your tax deductions