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.
If you are an IRA holder who is 72, you can transfer gifts directly to Catholic Charities and not pay taxes on the transaction. An IRA charitable contribution:
- 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
Contact your financial planner or tax advisor to begin the transfer process.
Donating highly appreciated stock helps you avoid capital gains tax and allows you to receive a tax deduction for the entire amount of the transfer. Contact your broker to initiate the transfer.
Information contained on this site is not professional or legal advice. Consult a tax advisor about your individual tax situation.