Date

Jan 15, 2025

Letter


Donation of Required IRA Distributions

Donation of Required IRA Distributions

If you are 70 ½ years of age or older and have a traditional IRA (this would not apply to a Roth IRA), you probably already know that the IRS requires you to withdraw a certain percentage of the IRA value each year – the IRS calls it the “RMD”, or required minimum distribution. That withdrawal is subject to tax as ordinary income – every penny of it. It also will increase your taxable income for the year, which could change your tax bracket and impact your Social Security and Medicare benefits. If you need all of that money to live, then by all means you should keep it and use it. But if you planned to make a donation to the Grow Where You Are Planted or can afford to make a donation, you may save on taxes and help our Church by instructing the manager of your IRA to send all or part of the RMD directly to St. Isidore, up to a maximum of $100,000.00 each year. This is called a Qualified Charitable Distribution, and Our Lady of Victory will receive the full amount you desire to donate. You will not have to pay any tax whatsoever on the amount donated, and that amount will not be included in your income for the year.

If you are interested in doing this, it is important that the funds go directly from your IRA to St. Isidore. The IRS is quite particular and, if the funds come to you first and then you send them to St. Isidore, then the IRS will make you pay the full amount of tax that would otherwise be due on the IRA distribution.

How to do it?

In order to take advantage of this procedure, you must contact the entity that manages your IRA and request they send the funds to “Society of Saint Pius X, Denver, Colorado, Inc.”. That is the legal name of the accounts for St. Isidore. Your IRA fund manager may have their own form for this request but, if not, you will find below a sample letter.

Reminder: While the SSPX is in the business of saving souls, it is not in the business of tax advice, so please

consult with an accountant or tax advisor if you have any questions.


[Sample Letter Request for a Qualified Charitable Distribution to Society of Saint Pius X, Denver, Colorado, Inc.]

TO:

Date:

(Insert the name and address of your IRA Custodian)

RE: Request for charitable distribution from my Individual Retirement Account for the 20— Tax Year

Dear IRA Custodian,

Please accept this letter as my request to make a direct charitable distribution from my Individual Retirement Account, Account #________________ as authorized by Section 408(d)(8) of the Internal Revenue Code and the Protecting Americans from Tax Hikes Act of 2015. Please issue a check in the amount of $________ payable to the following charitable organization at the following address:

Society of Saint Pius X, Denver, Colorado, Inc.

Attention: Father Paul Robinson, SSPX

32100 E. Colfax Service Road

Watkins, CO 80137

In your transmittal to the above-named organization, please communicate my name and address as the donor of record in connection with this transfer. Also, please indicate that the purpose of the gift is to support the Grow Where You Are Planted Capital Campaign.

Please copy me on your transmittal. It is my intention to have this transfer be a Qualified Charitable Distribution (QCD) that will qualify for exclusion from my taxable income during the 20__ tax year. This QCD will fulfill part or all of my Required Minimum Distribution for this year. Therefore, it is imperative this distribution be postmarked no later than December 31, 20 . If you have any questions or need to contact me, I can be reached at . [insert telephone number].

Thank you for your assistance and prompt attention to this matter.

Sincerely,

[signature]

IRA Plan Owner

Name: [printed or typed]

Mailing Address: