This is a season that is full of wonder and often reflection. It is a time that you may be grateful for the blessings that God has bestowed upon you. This gratitude may lead you to make a special contribution to Trinity Presbyterian Church of McKinney.
Each person’s financial situation is different and you will want to consider the type of assets and the gift plan that will be most effective for your situation. The following is a brief overview of your options. In addition to checks, cash and online giving consider the following additional ways to support Trinity Presbyterian Church and its future ministry:
1. Gifts of Appreciated Stock:
When stock is donated to a non-profit organization, like TPC, two benefits are realized. First, Trinity gains the full value of the donated stock. Second, the owner likely would not owe any tax on the increased value of the stock.
2. Charitable IRA Rollover aka Qualified Charitable Distribution (QCD): For individuals with Individual Retirement Accounts (IRA) there are mandatory requirements once you turn 70½ to begin taking annual Required Minimum Distributions (RMD) to avoid any penalty tax. Under current rules individuals age 70½ or older may transfer up to $100,000 annually from their IRA accounts directly to an organization, like Trinity, without recognizing the distribution as income. Such a distribution counts toward the Required Minimum Distribution (RMD). This is a tax benefit to the individual while supporting Trinity.
3. Employer Charitable Gift Matching Programs Contact your employer for information on your company’s plan.
Regardless of the selection you make, gifts must be received or postmarked on or before Dec. 31 in order to be applied to your 2016 Charitable Giving Statement. Individual circumstances vary. It is important that you seek the advice of your tax professional for personal tax benefits.