GIFTS OF STOCK
Gifts of appreciated stock offer you additional tax savings. You avoid capital gains tax and receive a tax deduction for the full value of the stock on the date of transfer. For these tax advantages, you must have owned the stock for at least one year. For additional information, please contact the Finance Department at finance@sugarcreek.net.
FROM YOUR IRA
For those individuals 70 ½ years and older, you can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity, including Sugar Creek Baptist Church, without having to pay income taxes on the money. This gift option is referred to as a qualified charitable distribution, or QCD for short.
Reasons for considering this gift option include:
- Your gift can satisfy all or part of your required minimum distribution (RMD) beginning in the year you turn 72.
- You pay no income taxes on the gift. The QCD generates neither taxable income nor a tax deduction, so you can benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
To make an IRA qualified charitable distribution to Sugar Creek Baptist Church, a donor should:
Instruct your IRA administrator to make the check payable to Sugar Creek Baptist Church (TIN 74-1823221) and the send the check addressed as follows:
Sugar Creek Baptist Church
13333 Southwest Frwy
Sugar Land, TX 77478
Notify the Finance Office by email at finance@sugarcreek.net that the distribution is being made. Include the donor’s name, mailing address, name of IRA administrator, exact amount contributed, and designation of the donation. This will help ensure that the donation is credited properly. The Finance Office will mail an acknowledgment letter or statement to the donor, at year end, using the physical address on file in their church membership record.
If you have questions, you should seek advice from your financial or legal advisor.