Did you know that you may make a gift to your parish or to the Diocese directly from your IRA?
If you are 70½ or older and have a traditional individual retirement account, you can use all or part of your required minimum distribution to support your parish or the Diocese without having to count the transfers as income for federal tax purposes.
- Distributions must be sent directly to your parish or the Diocese by the plan administrator of your IRA. You may make a gift up to $100,000 annually.
- Retirement assets in 401(k), 403(b), SEP, or SIMPLE plans do not qualify, but may be rolled into a new or existing IRA.
- Since no tax is incurred on the withdrawal, gifts do not qualify for a charitable deduction, but may be counted toward an individual’s minimum required distribution.
For more information, please contact Jim Bebla, Diocesan Secretary of Development, at Jim-Bebla@dioceseofscranton.org or 570-207-2250.