New Christian Bible Study Corporation
c/o: Pittsburgh Society of the New Church
299 Le Roi Road
Pittsburgh, PA 15208 USA
A strong market, increased caps on charitable contributions, and expected tax legislation changes make 2021 a great time to make a planned gift to the New Christian Bible Study project.
1. For 2021, the cap on some charitable cash donations has been increased from 60% of adjusted gross income to 100%. It's a great time to fund a larger-than-normal, or one-time gift that could enable something that's important to you.
2. The federal government requires people aged 72 and up to take a required minimum distribution (RMD) from their IRA every year. This gets taxed as regular income. You can donate your RMD directly to a qualified charity, and avoid having to pay taxes on it.
3. Also, for IRA's, people who are age 70½ or more may transfer up to $100,000 per year ($200,000 for married couples) directly to a charity, freeing up after-tax dollars that you would normally use to make your charitable donations for other uses.
4. Update the beneficiary designation on your IRA, retirement plan, donor advised fund, life insurance policy, or annuity to include NCBSC. Many life insurance policies include a 1% charitable-giving benefit rider that creates a gift to a charity of the holder's choosing at the time of death. This benefit comes at no extra charge to the owner but must be designated separately from their other beneficiary designations.
5. Create a charitable gift annuity (CGA) that will pay you a fixed income for life while having the added benefit of helping NCBSC spread the New Christian gospel.
6. With the stock and housing markets on the rise in the last year, many portfolios have significant unrealized capital gains. In the US, there's some reason to expect taxes on appreciated assets to increase in 2022. Rather than selling those assets and paying capital gains tax, you can donate the appreciated assets, e.g. stocks, directly to NCBSC. You could also be eligible for an income tax deduction for the full value of the gift. It's a very efficient way to minimize taxes and maximize the amount you can give to charities you choose, and still free up monies for reinvestment.
7. Even if you don't itemize your tax deductions, for 2021, there's still a special $300 deduction you can take for charitable gifts. It's $600 for married couples filing jointly.
To learn more about all your end-of-year charitable giving options, contact us using the link below.