Consider Donating a Portion of your RMD to St. Catherine Parish
If you are over 70 ½, you are usually required to take a Required Minimum Distribution (RMD) from your IRA every year (in 2020, because of the pandemic, this requirement has been waived).
Did you know that if you donate all or a portion of your RMD directly to St. Catherine, your contribution could be tax-free and not considered as income, regardless of whether you itemize or take the standard deduction? This is known as a Qualified Charitable Contribution and allows you to make a charitable contribution directly from your IRA. You can fulfill all or a part of your annual pledge to the parish, while possibly limiting your tax liability.
2 Easy Steps:
1. Contact your investment advisor and provide them with our name and address (St. Catherine Parish, 5101 West Center Street, Milwaukee, WI 53210), our EIN 39-0806847, and the amount you would like to contribute.
2. Contact me at the Parish office and provide your name, the name of your investment firm and the amount of your donation. I will watch for the check and make sure your contribution is recorded against your pledge. You can reach me at 414-445-5115, x204, or at cpoth@saintcatherine.org.
Read more about this in these Forbes articles, “The Best Way to Handle Required Minimum Distribution” or “RMD: Understanding Required Minimum Distribution.” Please consult your tax advisor or financial planner to discuss your specific tax situation. Thank you for your support of St. Catherine Parish!